Financial year of a pvt ltd company
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 October 2011
Dear all expert
My query is that the date of incorporation of a Private Limited Company is 03/03/2011.
Which financial year should be adopted by the company?( 03/03/2011 to 31/03/2011 or 03/03/2011 to 31/03/2012)
Please explain.
An early reply is highly appreciated.
My query is that the date of incorporation of a Private Limited Company is 03/03/2011.
Which financial year should be adopted by the company?( 03/03/2011 to 31/03/2011 or 03/03/2011 to 31/03/2012)
Please explain.
An early reply is highly appreciated.
11 October 2011
You have an option of having financial year more than 12 months but less than 15 months for the first financial year. You may choose to have f.y. from 03.03.2011 to 31.03.2012.
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 October 2011
Thanks for the prompt reply!
Please explain Which option is better for Income Tax purpose.
Please give reasons.
Please explain Which option is better for Income Tax purpose.
Please give reasons.
12 October 2011
For income tax purpose, 3/3/2011 t0 31/3/2011 is mandatory. Pl see section 3 of the Income tax Act,1961.
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