18 months applies for income tax purpose

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 September 2014 Hi,

One of my client is a Pvt Ltd company incorporated on July 30, 2013. They are taking benefit to close books of accounts considering 18 Months and planning to close the books on March 31, 2015. But their Turnover as on March 31, 2014 is 1.15 Crores.

Can they take the benefit as on March 31, 2014??

whether they are liable to get tax audit done on March 31, 2014? Also liable to file tax return?

Please advise

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

18 September 2014 for income-tax purpose, only last twelve months (ie FY 2013-14) will be considered. so you need to prepare separate financial statement for this period for tax purposes.

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

19 September 2014 Thanks a lot Nikhil.

Upgrade to CAclubindia Pro. Subscribe Now!