Written By: Swati Bajaj

Date: 10/06/2021

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.

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;
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;



Written By: Swati Bajaj

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