Accounting Year

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

• Previous AGM date + 15 months (gap bw 2 AGM should not be more than 15 months)
• AGM in every calendar year   = 31st December of each year
• Date of balance sheet + 6 months

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.