Is it possible under Income Tax Act 1961 to file return for the period exceeding 12 months especially in case of a newly incorporated Company (upto 15 months) ?
Example :- For a newly incorporated company we consider First Assessment for 15 Months for ROC Purpose. Is the Same possible for Income Tax Also ???
Briefly:- Can we consider the first Assessment Period of 15 months for a newly incorporated company for Income Tax Purpose ???
from 1989-90 Uniform previous year concept is introduced in income tax therefore every one has to follow financial year as previous year starting April of preceeding Financial year and ending March of Succeeding Financial Year.You cannot adopt 15 months for income tax as that you adopt for company Assessment
yes, sivaram is correct in this respect.
from the accounts point of view a company can have financial year more than 12 months but for income tax purpose financial year cannot exceed 12 months.
Yes, all are right above....
for income tax purpose financial year cannot exceed 12 mohths.
agreed 4 income tax purpose financial year cannot b more den 12 months.P.Y & A.Y is 4 a period of 12 months only
Gupta Sachdeva & Co. Chartered Accountants
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