A company is incorporated on 04.03.2011 as a private limited company.Is it mandatory for the company to close its final accounts on 31.03.2011? than when we have to convene AGM? Is there any other option for the company for both the ROC and Income Tax purposes.
12 October 2011
A financial year may be less or more than a calendar year,but it shall not exceed 15 months.It can be of 18 months if permission is taken from Registrar.There is no need to close the account on 31.03.2011.Accounts can be closed on 31.03.2012 and AGM should be held within 9 months from the date of the close of first financial year and within 18 months from the date of incorporation.Both the conditions are to be satisfied
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