STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025

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This query is : Resolved

CA Priyanka Agarwal (Querist)

11 September 2026 MY QUERIES ARE:
1.A SMALL PRIVATE LIMITED COMPANY INCORPORATED ON 28.03.2025 CAN GET RELIEF FROM FILLING ANNUAL RETURNS WITH ROC FOR F.Y 2024-25.
2.CAN IT EXTEND ITS F.Y FROM 28.03.2025 TO 31.03.2026
3.IF IT CAN EXTEND THEN PLEASE GUIDE ME THE WHOLE PROCESS FROM THE FIRST DOCUMENT TO BE PREPARED TILL THE LAST ONE.
4.ALSO GUIDE ME HOW TO FILE ADT-1 FOR THE SAME TO APPOINT AUDITOR FOR THE RESPECTIVE PERIOD FOR CONDUCTING AUDIT.

CS PRATIK PUJARA

CS PRATIK PUJARA (Expert)

30 September 2026 1. Annual-return requirement for FY 2024–25
Yes, the company may prepare its first financial statements for the period from 28 March 2025 to 31 March 2026. Since the company was incorporated on or after 1 January 2025, Section 2(41) of the Companies Act, 2013 permits its first financial year to end on 31 March of the following year.
This is not an exemption from annual-return compliance. Rather, the period from incorporation to 31 March 2025 is included in the company’s first financial year ending on 31 March 2026.

2. Whether the financial year can be extended
Yes. In this case, the first financial year will ordinarily be:
28 March 2025 to 31 March 2026
The period is approximately 12 months and 3 days. No separate application for extension of the financial year is required because this treatment follows directly from Section 2(41).
The company should not describe this as a special extension obtained from the ROC. It is the statutory first financial year applicable to a company incorporated on or after 1 January.

3. Compliance process
The company may follow the following sequence:
Appoint the first auditor The Board must appoint the first auditor within 30 days of incorporation under Section 139(6) and For all relevant records and forms requiring the period of account, including ADT-1 (if filling for 1st Auditor Appointment within 30 days of incorporation), AOC-4 and MGT-7/MGT-7A, the financial period should be entered as follows:

From: 28.03.2025
To: 31.03.2026

The above period represents the company’s first financial year.

4. Filing of ADT-1
ADT-1 is not mandatory to be filed for the first auditor appointed by the Board under Section 139(6). The first auditor holds office until the conclusion of the first AGM.
Accordingly:
• The first auditor is appointed by the Board within 30 days of incorporation.
• The appointment is recorded through a Board resolution.
• The auditor’s consent and eligibility certificate should be obtained and preserved.
• ADT-1 is generally filed for the auditor appointed by the members at the first AGM under Section 139(1), however for the first auditor appointed under Section 139(6) is optional not mandatory.
At the first AGM, the members may appoint the auditor for the applicable statutory term, subject to the provisions of Section 139. After the AGM, ADT-1 should be filed within the prescribed period applicable on the MCA portal—generally 15 days from the date of appointment at the AGM.

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