06 April 2012
I corporated a company this march with an auth share capital of rs 2 crores. Certificate of incorp was of dt 19th march 12. What wd be my first accounting year for roc purpose and income tax purpose. The directors were out of town and thus bank account was opened in april 12. Pls help Still my common seal is under process and first board meeting is yet to call on.
07 April 2012
For Income tax purpose, the first previous year shall be from date of incorporation i.e. March 19, 2012 to March 31, 2012. However for ROC purpose, you need to choose what shall be accounting year. A Company is free to choose any accounting year. The Board in its first meeting has to decide the accounting year.
09 April 2012
the shares were not subscribed till 31st march 12 as the bank a/c was not opened till date. Thats the reason we are not in position to prepare balance sheet as on 31.03.2012 for I T purpose.Pls help
CAclubindia
