as per sec 2(41), if company incorporated on or after january of the year, period ending of 31st march of following year is considered as financial year for which financial statements to be prepared.
is it mandatory or optional? if it is mandatory, company need not to be audited in current year and audit can be done for entire 15months in following year.
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2(41) is mandatory or optional
Replies (2)
As per understanding of the provisions wrt Financial year the company should prepare the annual Financial result of entire 15 months initially to provide full Fledged information.
For example Co. Incorporated in between January to March 2020 suppose 28 Jan 2020 and the first financial years shall be consider March 2021.
Now the financial reporting period should be (12 months, April to March +2 (Feb +March) months. Almost 14 months should be considered.
Optional
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