CA. Rahul Chawla (Chartered Accountant) (47 Points)
11 September 2009Is it possible under Income Tax Act 1961 to file return for the period exceeding 12 months especially in case of a newly incorporated Company (upto 15 months) ?
Example :- For a newly incorporated company we consider First Assessment for 15 Months for ROC Purpose. Is the Same possible for Income Tax Also ???
Briefly:- Can we consider the first Assessment Period of 15 months for a newly incorporated company for Income Tax Purpose ???
sivaram
(Asst Mgr-Taxation)
(6918 Points)
Replied 11 September 2009
from 1989-90 Uniform previous year concept is introduced in income tax therefore every one has to follow financial year as previous year starting April of preceeding Financial year and ending March of Succeeding Financial Year.You cannot adopt 15 months for income tax as that you adopt for company Assessment
CA LOVELY ARORA
(C.A. B.Com (H) Graduate)
(2151 Points)
Replied 11 September 2009
yes, sivaram is correct in this respect.
CA Mohit Agrawal
(Chartered Accountant)
(371 Points)
Replied 11 September 2009
from the accounts point of view a company can have financial year more than 12 months but for income tax purpose financial year cannot exceed 12 months.
PRAVEEN KUMAR
(MBA (Finance) B.Com.(P))
(3443 Points)
Replied 11 September 2009
Yes, all are right above....
for income tax purpose financial year cannot exceed 12 mohths.
komal nemani
(CA Final CS Executive Student)
(141 Points)
Replied 11 September 2009
agreed 4 income tax purpose financial year cannot b more den 12 months.P.Y & A.Y is 4 a period of 12 months only
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