Financila year?

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Querist : Anonymous

Querist : Anonymous (Querist)

12 September 2013 In India all companies are following financial year April 1st to March 31st is there any section and exemption for financial year? can we follow Calendar year? please tell me any one full detail about financial Year

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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12 September 2013 As a corollary to section 3 of the Income tax Act,1961 financial year should be form 1st April to next 31st March. This is mandatory, hence calender year can't be followed for IT purposes.

Exemption for the Apr to Mar concept, if any, in any other law is not known to me.

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