Prov of income tax
This query is : Resolved
Pratik Bhojwani
(Querist)
24 September 2015
if the company maintain account for 15 months ie from 1 jan 14 to 31 march 2015 to comply companies act .for prov of income tax period should be counted from 1.4.14 to 31.3.15 or 1.1.14 to 31.3.15. what if the company has been incoorpted 10 years back.earlier it was public ltd now it bas been converted into pvt ltd
Amol S Joglekar
(Expert)
24 September 2015
01. 01/01/2014 to 31/03/2015
02. Normally the first year is extended when there is HARDLY any activity in the broken period i.e.01/01/2014 to 31/03/2014. From the language of your query, it looks like as if the company has handsome business in the first three months, yet it opted for 15 months financial year as per companies Act.
02. Normally the first year is extended when there is HARDLY any activity in the broken period i.e.01/01/2014 to 31/03/2014. From the language of your query, it looks like as if the company has handsome business in the first three months, yet it opted for 15 months financial year as per companies Act.
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