Financial year as per cos act v/s previous year as per i.tax

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Nikhar (Querist)
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30 January 2015 Dear Experts

A private ltd co is incorporated on 2nd Jan 2015. So According to Cos Act 2013 my financial year will end on 31-3-2016. But According to income tax Act previous year ends on 31-3-2015.

My query is that:- If i file return of income with tax department for year ended 31-3-2015, WILL I HAVE TO FILE ANNUAL RETURN WITH ROC AND DO STATUTORY AUDIT AS PER COS ACT 2013 FOR YEAR ENDED 31-03-2015?
THANKS IN ADVANCE

CA NAVEEN SINGLA

CA NAVEEN SINGLA (Expert)
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30 January 2015 Mr. Nikhar As per Co. Act, 2013 you Must hold your First AGM on or before 31.12.2016. You must close your First Books of Accounts on 31.03.2016.
But Remember to hold 1st BM upto 1st Feb, 15 and appoint First Auditor of your company as per section 139 of co act, 2013 in 1st BM.

I would like to inform you that practically you are not require to close your Books of Accounts on 31.03.2015. If you close your books of Accounts on 31.03.2015 you would pay Professional Fees of Audit, Annual Returns, 23AC,23ACA and MGT-14 etc which is not required.

You should not worry about the same. As per Income Tax Act, 1961 Also a person is required to maintain Books of Accounts u/s 44AA if his Profit from Business exceeds Rs. 120000/- P.A in any of last 3 F.Ys and Turnover in Current F.Y exceeds Rs. 10 Lacs.

As you have just started your business maintainence of books of accounts as per section 44AA would not apply and Income Tax Deptt. cannot raise query from you. Further you would comply with Co Act 2013 as mentioned above.

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Nikhar

Nikhar (Querist)
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30 January 2015 Thanks for your early response. So Sir as I have understood, I have to file my return of Income for the period 02-01-2015 to 31-03-2015 without closing the books of accounts on 31-03-2015.

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