29 December 2010
A Co is incorporated in Jan'10. We are planning to prepare its first Balance Sheet as at 31st March, 2011 and hold the AGM within 18 months of incorporation. We have planned so in the light of Companies Act, 1956.
However, previous year of a newly set up business as defined in Income Tax Act, 1961 "starts from the day the business comes into existence and ends with the immediately following March 31st".
Does this mean we cannot prepare our first B/S on 31-03-2011 instead we have to prepare it for 31-03-2010?
31 December 2010
"yes" the provision of inocme tax Act is separate form Company Act. section 139(1) provide for the compulsory filig of return of income of company assessee.
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