18 June 2011
Hi, Please advise - Is it required that the Final Accounts of non profit religious institutions such as churches should be closed at a year ending date such as 31-12-2011 or FY - 31-03-2012. If the previous year closing was done on 15/01/2011, then is it required that the next year closing should be done on 15/01/2012. OR Is it compulsory to close accounts at a year end such as 31/12/2011 or FY- 31/03/2012. Please advise.
18 June 2011
For the Internal use of the books and records., Books can be closed at any date... but for complying the provisions of income tax purpose., the books of accounts should be always closed for the date prescribed by the act., i.e. 31.3.2011
CAclubindia
