FINANCIAL YEAR OF A COMPANY
This query is : Resolved
05 March 2011
A COMPANY INCORPORATED ON 28.01.09 & FY ADOPTED AS 28.01.09 TO 31.03.10 BUT FOR INCOME TAX PURPOSE FY DOES NOT EXCEED 12 MONTHS. WHETHER SEPARATE STATEMENTS CAN BE PREPARED FOR INCOME TAX PURPOSE & ROC FILING AND SIGNED BY THE AUDITOR OR ELSE WHAT CAN DO
05 March 2011
It is mandatory for Indian companies to prepare balance sheet for April-March period for income tax purpose. It makes sense to follow common accounting period of April-March to avoid inconveniences. However ,company is free to choose any other accounting period other than financial year concept as per Companies Act,1956.
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