Financial year extention related.
This query is : Open
24 September 2012
Dear SIR
Can we apply for extension of FY Back dated?
meaning there after closing of FY, can we apply for extension thereof?
Can we apply for extension of FY Back dated?
meaning there after closing of FY, can we apply for extension thereof?
24 September 2012
s Far as I Understand Your Question,No,
But Could You Elaborate Again With Example.
But Could You Elaborate Again With Example.
24 September 2012
Dear Sir
Our Financial Year Is already ended on 31/03/2012 Now Clients wants that the Financial Year needs to be extended till 01/09/2012
Hence Is It Possible?
Our Financial Year Is already ended on 31/03/2012 Now Clients wants that the Financial Year needs to be extended till 01/09/2012
Hence Is It Possible?
25 September 2012
Hi
The expression 'Financial year' defined under section 2(17) means, in relation to any body corporate, the period in respect of which any profit and loss account of the body corporate laid before it in annual general meeting is made up, whether that period is a year or not. A company is at its liberty to follow any financial year whether or not it ends on 31st March.
However, for the purpose of Income Tax, accounts will have to be made on 31st March.
The period to which the balance sheet and profit and loss account to be laid before a company in Annual General Meeting relate is called a "financial year".
Section 210(4) provides that a financial year may be less or more than a calendar year, but it shall not exceed fifteen months. The financial year may extend to eighteen months, where special permission has been granted in this connection by the concerned Registrar of Companies [Proviso to section 210(4)]. Thus, annual accounts may be prepared for a period up to eighteen months with the special permission of the Registrar on the application submitted in the new e-Form 61 electronically with the Registrar [prescribed by the Notification No. GSR 56(E) dated 10th Feb., 2006. [previously no form was prescribed for that
purpose]
In terms of the Income-tax Act, 1961, it is mandatory for companies to follow uniform accounting year, i.e., ending 31st March.
The expression 'Financial year' defined under section 2(17) means, in relation to any body corporate, the period in respect of which any profit and loss account of the body corporate laid before it in annual general meeting is made up, whether that period is a year or not. A company is at its liberty to follow any financial year whether or not it ends on 31st March.
However, for the purpose of Income Tax, accounts will have to be made on 31st March.
The period to which the balance sheet and profit and loss account to be laid before a company in Annual General Meeting relate is called a "financial year".
Section 210(4) provides that a financial year may be less or more than a calendar year, but it shall not exceed fifteen months. The financial year may extend to eighteen months, where special permission has been granted in this connection by the concerned Registrar of Companies [Proviso to section 210(4)]. Thus, annual accounts may be prepared for a period up to eighteen months with the special permission of the Registrar on the application submitted in the new e-Form 61 electronically with the Registrar [prescribed by the Notification No. GSR 56(E) dated 10th Feb., 2006. [previously no form was prescribed for that
purpose]
In terms of the Income-tax Act, 1961, it is mandatory for companies to follow uniform accounting year, i.e., ending 31st March.
25 September 2012
Hi
For taking extention under section 210 (4) you must file Form-61 with ROC, but you can not file such form for back financial year.
For taking extention under section 210 (4) you must file Form-61 with ROC, but you can not file such form for back financial year.
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25 September 2012
dear sir thanx
But now Can I not apply for extension as if my Fina Year is already ended on 31/03/2012.
But now Can I not apply for extension as if my Fina Year is already ended on 31/03/2012.
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