Financial Year (FY)
- FY of a company / body corporate means the period ending on 31st March every year.
- In case 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, will be its first financial year
- Extension of FY – no longer permissible
- Exception – A company or body corporate, which is a holding company or a subsidiary of a company incorporated outside India and is required to follow a different FY for consolidation of its accounts outside India, with NCLT approval
- Transition period: - 2 years