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Financials

This query is : Resolved 
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(Querist)
19 October 2010 Please confirm my understanding given below:

As per Sec 210 of the Companies Act,

a. The first financials of the company can be for a period of 15 months from the date of incoportation

b. The subsequent financials will be starting from the day next to the closing of the first financials.

c. Financial year can be for a period more than or less than 12 months. As per point b, the second year financials can be for a period starting from the day next to the closing of the first financials to 31st March also
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Ajay Mishra

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Ajay Mishra (Expert)
19 October 2010 Hi

The Financial Year of the Company is decided in the First Board Meeting of the Company. For example, if the company is incorporated in 18th July 2009 then the first financial year of the company will be from the date on incorporation till the March 31, 2010 and second and subsequent financial year will be start from April 1, 2010 to March 31, 2011.


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