Financial year for a society

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CA. Rahul Mishra (Querist)
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27 September 2011 Dear Members,

What will be Financial year for a Society registered under the Societies Registration Act 1860 if the rules & MOA of the society are silent ? Will it be different from the normal Financial Year ?

CA Pushpendra Gaur

CA Pushpendra Gaur (Expert)
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28 September 2011 brotehr
financial year is fixed as 1 April to 31 March

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CA Pushpendra Gaur

CA Pushpendra Gaur (Expert)
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28 September 2011 it is the accounting period which we determine as per our need/convenience

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CA. Rahul Mishra

CA. Rahul Mishra (Querist)
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28 September 2011 Dear Pushpendra,

Thanks for replying but the first Financial year of a company may not be the period of just 12 months as it may get extended to 18 months to the maximum.

My query was relating to this only. Say if any society has been registered during February 2010, whether the First Financial Year will be 2009-10 or it could be 2010-11.

CA Pushpendra Gaur

CA Pushpendra Gaur (Expert)
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29 September 2011 well definately the financial year will be 2009-10 in that case, no doubt