A Manufacturing Company wants to adopt a January - December Accounting year. What will be the legal formalities (in respect of Companies Act , Income Tax Act and any other applicable piece of legislation) it will have to comply with.
An illustrated time table with respect to Audit , Annual General Meeting and Compliance Filings will really be appreciated.
As per Companies Act:
Financial year refers to the period to which the account relates subject to maximum period of 15 months.
So under companies act 15 it can be allowed.
However Income Tax Act follows April to March.
Time limit of AGM:
Earliest of the following
Not sure of the explanations please wait for other member's reply. You can even send a PM to Ankur Garg expert in Company law.
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