Change financial year

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RAM LAL (Querist)
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01 May 2012 companies year ends march 31, 2012. and i want to change year from 1 jan 2012 to 31 march 2012.
whether it is possible. or if yes, then, how to make balance sheet from 1 april 2011 to 31 march 2012 ?
Give me detailed procedure? it's urgent.
and this is 5 year old company.

Please......

jay shah

jay shah (Expert)
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02 May 2012 Dear Sir,
In respect to your query i would like to give answers as follows:

First of all no compny incorported in india are allowed to keep calender yera as its financial closure.
unless it is a subsidiary of any company outside india and for consolidation purpose it requires to maintain calender year.

In your case due to absense of information i assume that the company is indian company and not subsidiary of any company.

So you have to follow March as financial year.
Another thing if its subsidiary then within 2 yers of ur starting of business in inida you have to start preparing b/s as per march fiancial year.

In short if you have not prepard as per march year (assuming indian only) then you have to restate your financials (you can also contact your current CA)

And per my view Answering to your 2nd question doesnt arises in the above situtaiton.

Even thoug you have to normally prepare the B/s and have to audit jan, feb ,mar12 months and reflect in the b/s

should you require nay detail feel free to ask.
Regards
jay shah