Section 2(41) of Companies Act, 2013-
‘Financial Year’ for any company or body corporate is –
1. a period ending on the 31st day of March every year.
(not need to be 12 months for counting One financial Year.)
2. If Company incorporated on or after the 1st day of January of a year-
period ending on the 31st day of March of the following year
Provisions are provided if company wants to follow different financial year :
A company or body corporate can follow different financial year only if it is
is required to follow a different financial year for consolidation of its accounts outside India.
Regional director As per Rule 40 of Companies Incorporation rules,2014
*Authority can allow any period as its financial year, whether or not that period is a year.
Application in Form No.RD-1 to concerned Regional Director.
(a) grounds and reasons for the application;
(b) a copy of the minutes of the board meeting at which the resolution authorising such change was passed, giving details of the number of votes cast in favour and or against the resolution;
(c) Power of Attorney or Memorandum of Appearance, as the case may be;
(d) details of any previous application made within last five years for change in financial year and outcome thereof along with copy of order
After examining the application,
Maximum of Two Re-Submissions shall be allowed.
In case information asked by RD is not provided within specified time then,
In case where the application is found to be in order,
Regional Director shall allow and convey the order within thirty days from the date of application or within thirty days from the date of last re-submission, as the case may be.
Need to Inform Registrar