FINANCIAL YEAR EXTENDED

This query is : Resolved

Quick Summary

For private companies in India, extending the first financial year up to 15 months generally does not require ROC approval, though a board resolution is needed. Further extensions or alignment with foreign entities may necessitate ROC application. Additionally, Form ADT-1 must be refiled after the AGM for auditor appointments, irrespective of previous filings or late fees.

Priyanka Agarwal

Priyanka Agarwal (Querist)
Follow

19 September 2025 1.IF A FINANCIAL YEAR IS REQUIRED TO BE EXTENDED ANY COMPLIANCE TO BE DONE WITH ROC IN CASE OF A PRIVATE COMPANY.

2. IF A COMPANY INCORPORTED IN FY 2024-25 WHOSE ADT-1 HAS BEEN FILED ON 17 JULY 2025 WITH LATE FEES . AGM HELD ON 28/08/2025 .WHETHER ADT-1 HAS TO BE FILED FOR FY 2025-26

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

19 September 2025 Extension of Financial Year for Private Company:
For a purely Indian private company, there is generally no requirement to seek approval from the ROC for extending the first financial year (e.g., up to 15 months), as permitted under Section 2(41) of the Companies Act, 2013 for companies incorporated after January 1st. The company typically needs to pass a board resolution documenting the extension, but no formal application or intimation to the ROC is required unless seeking a further extension beyond the allowed 15 months or aligning with foreign holding/subsidiary company’s financial year. If an extension for annual return or financial statement filing is needed beyond regular deadlines, an application must be made to ROC explaining reasons, and ROC may grant an extension upon satisfaction.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

19 September 2025 2. Yes, Form ADT-1 must be filed again for the appointment or reappointment of the auditor after the company’s first AGM, regardless of when or how the initial ADT-1 was filed. The first ADT-1 is for the initial appointment (usually by the board), but after the AGM (28/08/2025), ADT-1 must be filed for the subsequent term (up to 5 years) within 15 days of the AGM, as AGM appointments are per Section 139(1) of the Companies Act, 2013. This ADT-1 is mandatory for every AGM in which the auditor is (re)appointed, regardless of any late fees or previous delays.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

19 September 2025 Good Luck...

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now