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Financial year period

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(Querist)
22 July 2009 Can a company have financial year of less than 12 months.
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Rajesh

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Rajesh (Expert)
22 July 2009 No
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Ankur Garg

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Ankur Garg (Expert)
22 July 2009 No.

But there is one exception.

For example if the incorporation date of the company is May 15, 2008. In that case first financial year would be from May 15, 2008 to March 31, 2009 i.e. a period of 10 Months and 16 days which is less then 12 Months.

Regards
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