financial year

Raju Choudhary

Staff member
As per Companies Act 2013 is that now all the companies are required to have a uniform financial year. In other words every company's financial year will be the period ending on 31 March every year.

kindly check the section 2(41) of the Companies Act 2013 for More Details
As per Companies Act 2013, financial year will end on 31st March every year, however if a company is formed on or after 1st January, its F.Y. will end on the 31st of March of next year.
e.g. for a company incorporated on 17th Feb' 2015; its F.Y. will end on 31st March' 2016.
There is only one exception & that is if the foreign parent of a company has its F.Y. ending on any other date then for the purpose of consoidation the indian subsidiary can have a F.Y. ending on that other date provided an application was given to NCLT & the same was approved.