Section 2(41)-first financial year from jan-14 to march 15
This query is : Resolved
28 February 2015
Please note that according to Section 2(41) of the companies act 2013 company can follow first FY from Jan to March of the following year.. which means if comp incorporated in Jan 14 can close first FY on March 15 instead of March 14
My Question is whether the company needs to apply to ROC for the same in GNL-1 or not?
Kindly Clarify whether CA 1956 or CA 2013 applicable to such company
My Question is whether the company needs to apply to ROC for the same in GNL-1 or not?
Kindly Clarify whether CA 1956 or CA 2013 applicable to such company
28 February 2015
Not required. First financial year can be extend upto 15 months... This provision is available only for those company incorporated between 01st Jan to 31st March.
28 February 2015
@ Nayak Ji
2(41) is w.e.f 1.4.2014. Whether applies to company incorporated on January 2014.
@ Pravin Ji
View other than of Nayak Ji will hit out section 129(2) of Co's Act,2013.
2(41) is w.e.f 1.4.2014. Whether applies to company incorporated on January 2014.
@ Pravin Ji
View other than of Nayak Ji will hit out section 129(2) of Co's Act,2013.
05 March 2015
Even though Companies Act 1956, Section 2(17) read with Section 210 provides for 15 months financial year for companies incorporated in January & thereafter
But i m not Sure whether any approval required for the same from ROC
But i m not Sure whether any approval required for the same from ROC
23 July 2025
Question Overview:
You're referring to Section 2(41) of the Companies Act, 2013, which deals with the definition of "Financial Year" for a company. Specifically, you're asking whether a company incorporated between January 1st, 2014, and March 31st, 2014, can adopt a financial year from January 1st, 2014 to March 31st, 2015 (i.e., a 15-month first financial year), and whether it needs to apply for approval from the Registrar of Companies (ROC) through Form GNL-1.
Key Provisions Under Section 2(41) (Companies Act, 2013):
Section 2(41) of the Companies Act, 2013 allows a company, at the time of its incorporation, to have a first financial year of 15 months, provided it is incorporated between January 1st and March 31st.
This extension is available to companies incorporated between January 1st and March 31st, and the first financial year can extend from the date of incorporation to March 31st of the next year (i.e., a period of 15 months).
As per the Act, if a company is incorporated in January 2014, it can close its first financial year on March 31, 2015, which is 15 months from its incorporation date.
The financial year of a company, as defined under Section 2(41), can be different for the first year compared to the subsequent years, provided this first year is extended to a maximum of 15 months.
Answer to Your Questions:
Approval Requirement from ROC (Form GNL-1):
No approval is required from ROC for adopting a first financial year of 15 months under Section 2(41).
The extension of the first financial year is automatically allowed under the provisions of the Companies Act, 2013 without the need for a formal application to ROC. Therefore, there is no need to file Form GNL-1 for extending the first financial year.
Applicability of Companies Act 1956 vs. Companies Act 2013:
The Companies Act, 2013 came into effect from April 1st, 2014, and Section 2(41), as you correctly pointed out, is applicable from 1st April 2014.
For a company incorporated between January 1st, 2014 and March 31st, 2014, the Companies Act, 2013 will apply.
The Companies Act, 1956 will only be relevant for companies incorporated before April 1st, 2014. Therefore, in this case, Section 2(41) of the Companies Act, 2013 will govern the financial year even for a company incorporated in January 2014.
To Summarize:
If a company is incorporated between January 1, 2014, and March 31, 2014, it can adopt a 15-month financial year ending on March 31, 2015.
No approval is required from the ROC for this extended financial year, and no need to file Form GNL-1 for the same.
Companies Act, 2013 applies, and Section 2(41) is applicable from April 1, 2014 for companies incorporated in January-March 2014.
You're referring to Section 2(41) of the Companies Act, 2013, which deals with the definition of "Financial Year" for a company. Specifically, you're asking whether a company incorporated between January 1st, 2014, and March 31st, 2014, can adopt a financial year from January 1st, 2014 to March 31st, 2015 (i.e., a 15-month first financial year), and whether it needs to apply for approval from the Registrar of Companies (ROC) through Form GNL-1.
Key Provisions Under Section 2(41) (Companies Act, 2013):
Section 2(41) of the Companies Act, 2013 allows a company, at the time of its incorporation, to have a first financial year of 15 months, provided it is incorporated between January 1st and March 31st.
This extension is available to companies incorporated between January 1st and March 31st, and the first financial year can extend from the date of incorporation to March 31st of the next year (i.e., a period of 15 months).
As per the Act, if a company is incorporated in January 2014, it can close its first financial year on March 31, 2015, which is 15 months from its incorporation date.
The financial year of a company, as defined under Section 2(41), can be different for the first year compared to the subsequent years, provided this first year is extended to a maximum of 15 months.
Answer to Your Questions:
Approval Requirement from ROC (Form GNL-1):
No approval is required from ROC for adopting a first financial year of 15 months under Section 2(41).
The extension of the first financial year is automatically allowed under the provisions of the Companies Act, 2013 without the need for a formal application to ROC. Therefore, there is no need to file Form GNL-1 for extending the first financial year.
Applicability of Companies Act 1956 vs. Companies Act 2013:
The Companies Act, 2013 came into effect from April 1st, 2014, and Section 2(41), as you correctly pointed out, is applicable from 1st April 2014.
For a company incorporated between January 1st, 2014 and March 31st, 2014, the Companies Act, 2013 will apply.
The Companies Act, 1956 will only be relevant for companies incorporated before April 1st, 2014. Therefore, in this case, Section 2(41) of the Companies Act, 2013 will govern the financial year even for a company incorporated in January 2014.
To Summarize:
If a company is incorporated between January 1, 2014, and March 31, 2014, it can adopt a 15-month financial year ending on March 31, 2015.
No approval is required from the ROC for this extended financial year, and no need to file Form GNL-1 for the same.
Companies Act, 2013 applies, and Section 2(41) is applicable from April 1, 2014 for companies incorporated in January-March 2014.
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