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Extension of Financial Year

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(Querist)
14 April 2010 Whether should i take approval of AO for the extension of Financial Year as per the Income Tax Act? Is there any provision in the Income Tax Act to take such approval of AO? If yes Under which section?
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
14 April 2010 By virtue of section 3 of the Income tax Act,1961 an assessee cannot seek extension of previous year.
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CA. Gurdeep Singh Chawla

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CA. Gurdeep Singh Chawla (Expert)
14 April 2010 No provision in Income Tax for extension of previous year.
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