Dear Members, I have a doubt with respect to financial year end of the company. As per section 2(41) of companies act, 2013, financial year mean period ending on 31st March every year. And every company having a different financial year, shall within a period of 2 years (i.e., before 31st Mar, 2016) from the commencement of CA, 2013, align its financial year as per the provisions. Accordingly, a company (having its FY ending as on 31st December) intends to change its FY ending as 31st March. Thus, its FY will start form 1st Jan, 2016 to 31st Mar, 2017 and thereafter, from 1st April to 31st March every year. Whether a company can do so? Since, though the decision is taken to change its FY end before 31st Mar, 2016, the FY will end on 31st Mar, 2017 (after 31st Mar, 2016). Please advice.

Section 2 - Definitions

Posted By: Girish sanghavi 8 year(s) ago