How to change the accounting financial year of a Private Limited Company?
One of the corporate client registered company in 2012. His first 15 months ended on December 15, 2013.
Since, for the newly incorporated companies the first financial year can be of 15 months, the company have prepared the accounts for 15 months.
My questions are:
Company wants the financial year to be from April to March, how can they change the financial year and how to show the months jan to march in financial statements?
As per the new companies act , any company which is not following April-Mar as its financial year can switch to this unfirm Financial year ending 31st March , within a period of 2 years. However, this particular section 2(41) defining the Financial year is not yet notified by the Government.
I am asking as per the current applicable companies act. What is the solution as per that?
Ok ,as per old companies act, you can extedn your FY to 18 months with ROC permission
Can you explain the procedure to get the permission from ROC for extention of financial year?