What should be the 1st financial year of a newly incorporated Company?
“Financial Year"
For any company or body corporate*:
means the period ending on the 31st day of March every year.
For a newly incorporated Company:
Where a Company has been incorporated on or after the 1st day of January of a year, the period ending on the 31st day of March of the following year.
Summary:
Thus, every Company or body corporate incorporated in India should follow the f.y. Commencing on 1st April and ending on 31st March, i.e. for 12 months
In the case of a newly incorporated Company, which, if incorporated on or after 1st January of a year, can have its first financial statements prepared for more than 12 months- i.e. a maximum of 15 months.
Remember to use the word ‘period’ in the Board’s Report, Auditors Report and elsewhere, wherever the word ‘year’ is being used alongwith financial statements.
Ex: “The Directors of your Company present the Board’s report for the period (and not f.y) from 1st January 2020 to 31st March 2021….”
Holding/ Subsidiary/Associate Company# :
A company or body corporate*, which is a holding company or a subsidiary or associate company of a company incorporated outside India and is required to follow a different financial year for consolidation of its accounts outside India, the Central Government may, on an application made by that company or body corporate in E-Form RD-1 alongwith required documentation, allow any period as its financial year, whether or not that period is a year:
*Body Corporate
Is ‘body corporate’ different from a ‘company’?
No. Not different but is a ‘larger’ concept as compared to a ‘Company’. Body corporate includes a Company incorporated under Companies Act,2013 of India or any other previous Act and Companies incorporated outside India.
"body corporate" or "corporation"
includes a company incorporated outside India, but does not include—
(i) a co-operative society registered under any law relating to co-operative societies; and
(ii) any other body corporate (not being a company as defined in this Act), which the Central Government(CG) may, by notification, specify in this behalf;
Information:
The Asian Development Bank has been recently notified by the CG excluding it from the definition of body corporate or corporation
Its has been held that a body corporate has 5 distinct attributes:
The entity shall be different from its members
Perpetual succession
It must be competent to enter into a contract
Is capable to sue or being sued in its own name
Can hold the property in its own name
#"holding company", in relation to one or more other companies, means a company of which such companies are subsidiary companies. The expression "company" includes any body corporate.
#"subsidiary" in relation to any other company (that is to say the holding company), means a company in which the holding company-
● controls the composition of the Board of Directors; or
● exercises or controls more than one-half of the total voting power either at its own or together with one or more of its subsidiary companies
#"associate company", in relation to another company, means a company in which that other company has a significant influence, but which is not a subsidiary company of the company having such influence and includes a joint venture company.
#"significant influence" means control of at least twenty per cent. of total voting power, or control of or participation in business decisions under an agreement;
#"joint venture" means a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement;
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