As per Section 2(41) of the Companies Act, 2013 is concern financial year in relation to any company or body corporate, means the period ending on the31st day of March every year, and where it has been incorporated on or after the 1st day of January of a year, the period ending on the 31st day of March of the following year, in respect whereof financial statement of the company or body corporate is made up.
So the provision implies that any company incorporated on or after 01st January on any year should close the Books of Accounts only on the succeeding year.
I would like to get clarified How the matter would be dealt with Income Tax Filing.
Can all the 15 months be shown in a specific year or should in shown in two different years?
CAclubindia
