Accounts Adoption

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 November 2009 If a company got incorporated on 03-12-2008 and it has prepared its accounts for financial period from 3-12-2008 to 30-09-2009 and subsequent to that there will be one more accounts which will be for the period 1-10-2009 to 31st March, 2009 to follow the Income Act, 1961. Thereafter, the company accounts will be prepared from 1st April to March.

Can you please commend on this.

Amit

Amit (Expert)
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23 November 2009 I think the next accounts will be from 01-10-2009 to 31-03-2010.

Ans. the company have to file the income tax return and ROC returns for the P.Y 08-09.
For this it will have to prepare the Accounts as on 31.03.2009.
The company there after can prepare the accounts from 01st April to 31st march next year. Also the company can,t have a financial year of a period less than 12 months.