Income tax

For Income Tax purposes the company will have to close its accounts on 31.03.2013 and Income Tax return shall be filed for the A.Y. 2013-14.
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(As per Section 3, in the case of a business newly set up, P.Y. shall be the period beginning with the date of setting up of the business and ending with the said financial year i.e. 31st of March)

No for income tax purpose separate financials will be required upto 31.3.13 & 31.3.14.

Dear Saurav,

No, you can't... being a company, ITR is required to be filed every year, even though the company hasn't start commencement of work (but has been incorporated).

 

 

Income Tax Act follows Financial Year and this cannot be changed under any circumstances.

The period starts from 01 April to 31 March.

Hence your company has to make financials for march 2013 and 2014 ending seperately

 

No there is no 4th rule mention in double entry system

SECTION 139(1) Every company shall, on or before the due date, furnish a return of his income during the previous year Hence, your client co. is required to file two seperate returns of income. The option of 15 months is for holding Annual General Meeting(under companies act,1956) & NOT for filing of return of income.