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Discussion < Corporate Law < first accounting year: companies act Vs income tax act
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students zone,CA Students
CA. NAVEEN KUMAR SINGHAL


[ Scorecard :90 ]

As per section 2(41) of CA, 2013, if company is incorporated in Jan-Mar of a year, say, in Jan-16, its first accounting year should end on 31st March of next year, i.e. 31-03-2017 in our case. But it is not so in the Income Tax Act, 1961. For that a company incorporated in Jan-16, its first previous year should ends on 31-03-2016 for assessment year 2016-17 (refer section 3).

 

Now, the question is that how this company, incorporated in Jan-16 and have a valid PAN in Feb-16, can file its ITR for a previous year from Jan-16 to Mar-16 (A.Y. 2016-17), as required by income tax act, while its first accounting year will end on 31-03-17, as required by companies act?








Tanay Jindal


[ Scorecard :228 ]

Dear Naveen Kumar Singhal Ji

According to me As the assessee is company hence it has to file ITR for the A.Y 2016-17 according to section 139(1)

and as far as the matter related with the accounting please refer Section 44AA(2)(ii), and also if the company is not cover as per the above provision then i think it is recommend to maintain books of account as to show its income and the financial positioon of the company.

and i think combining both the above act is not right because the provision for accounting in both acts are different because the accounting in income tax is done according to section 145(2) {income computation and disclosure standards} whereas in Company act the accounting is done according to Accounting Standards.and there are some other difference like depriciation and valuation of Closing Stock 

 

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