17 December 2010
X Company follows f.y Jan - Dec. This year the co. has decided to extend its f.y and close it in mar, 2011 i.e. for a total period of 15 months. subsequently, the f.y of the co shall be Apr - Mar.
The Co prepares acts for tax audit purpose too (Apr - Mar).
My query is whether the co. is required to take any approval from I.T Authorities to give effect to the change in current f.y as well as the subsequent f.y or a simple intimation to the authorities will serve the purpose?