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)

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