As in case of newly incorporated company previous year will be the year from which it starts it's operation, till ending of financial year.
If ABC ltd is incorporated on 10.01.2020, it will prepare it's finacials for period 10.01.2020 to 31.03.2022 (as per definition of financial year given in companies Act).
Then what will be the previous year for the ABC Ltd?
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PY for newly incorporated company
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Quick Summary
If it is incorporated on 10.1.2020 then the financials should be prepared from 10.1.2020 to 31.3.2020 for
FY 2019-20 or previous year 2019-20 and for fy 2020-21 from 1.4.2020 to 31.3.2021
FY 2019-20 or previous year 2019-20 and for fy 2020-21 from 1.4.2020 to 31.3.2021
Previous year meaning Financial year from April to March. First year will be from 10-01-2020 to 31-03-2020
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