Financial year of a private company
This query is : Resolved
15 February 2015
Dear Experts,
there is a private ltd co. which is a subsidiary of a foreign company incorporated outside
India. this private ltd company
follows Financial Year which ends on 31 st December of every year so as to consolidate its accounts outside India.
As per section 2 (41) of companies act, 2013, do you think this company needs to make application to tribunal as it is already following different F. Y. before commencement of new act.
further there is a time period of two years given in the definition of Financial Year in new act. whether this time limit is applicable on pvt co. or not.
16 February 2015
Companies should align the financial year to 31 March within two years from 01 April 2014.
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