In first agm accounts to be adopted
This query is : Resolved
28 November 2013
I hv incorporated a company on 20/03/2013. according to companies act, first AGM can be held within 18 months of the incoropartion, according to this due date for first AGM will be 19/09/2014.
Now my question is this-
company will adopt the accounts for 31/03/2013 only in that first meeting or accounts for March 2014 will also be adopted in this meeting.
If No, then will company required to held a seprate AGM for 31/03/2014 and what will be the due date for that 2nd AGM.
Now my question is this-
company will adopt the accounts for 31/03/2013 only in that first meeting or accounts for March 2014 will also be adopted in this meeting.
If No, then will company required to held a seprate AGM for 31/03/2014 and what will be the due date for that 2nd AGM.
28 November 2013
There are two different things, first your period of financial year and secondly your tenure of AGM.
1. Time period for Preparation of Balance Sheet:
Generally, the Balance sheet is prepared for 12 months but in case of new company, it can extend their Balace sheet for the maximum period of 15 months but your financial yeas should be end on March 31.
As per this, I think your first financial year should end on 31.03.2014.
2. Time Period of First Financial Year:
First Balance sheet should be adopted maximum to 18 months from date of incorporation.
Generally, AGM should be held with in 6 months from the end of the FY, but in case of first financial year, it can extend up to 9 months from the end of the financial year.
As per this you should hold your first AGM till 31.12.2014.
1. Time period for Preparation of Balance Sheet:
Generally, the Balance sheet is prepared for 12 months but in case of new company, it can extend their Balace sheet for the maximum period of 15 months but your financial yeas should be end on March 31.
As per this, I think your first financial year should end on 31.03.2014.
2. Time Period of First Financial Year:
First Balance sheet should be adopted maximum to 18 months from date of incorporation.
Generally, AGM should be held with in 6 months from the end of the FY, but in case of first financial year, it can extend up to 9 months from the end of the financial year.
As per this you should hold your first AGM till 31.12.2014.
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28 November 2013
Thanks a lot Mr. Ajay Mishra,
In this case I have filed I.Tax return for 31/03/2013, Is this makes any difference to your opinion or not.
In this case I have filed I.Tax return for 31/03/2013, Is this makes any difference to your opinion or not.
28 November 2013
Thanks........
Yes, You will file your ITR for the AY ending 31.03.2013.
Yes, You will file your ITR for the AY ending 31.03.2013.
28 November 2013
In terms of the Income-tax Act, 1961, it is mandatory for companies to follow uniform accounting year, i.e., ending 31st March.
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