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Financial year of a pvt ltd company

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Querist : Anonymous

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Querist : Anonymous (Querist)
11 October 2011 Dear all expert

My query is that the date of incorporation of a Private Limited Company is 03/03/2011.
Which financial year should be adopted by the company?( 03/03/2011 to 31/03/2011 or 03/03/2011 to 31/03/2012)

Please explain.

An early reply is highly appreciated.
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CA Satish Badve

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CA Satish Badve (Expert)
11 October 2011 You have an option of having financial year more than 12 months but less than 15 months for the first financial year. You may choose to have f.y. from 03.03.2011 to 31.03.2012.
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Querist : Anonymous

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Querist : Anonymous (Querist)
11 October 2011 Thanks for the prompt reply!

Please explain Which option is better for Income Tax purpose.

Please give reasons.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
12 October 2011 For income tax purpose, 3/3/2011 t0 31/3/2011 is mandatory. Pl see section 3 of the Income tax Act,1961.
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