Financial Year Ending

  • Act/Rule/Legislation

  • Online Link to Act/Rule/Legislation

  • Initial Setup or Ongoing Maintenance

    Ongoing compliance requirement

  • Filing and Maintenance Requirements

    Section 2(41) of the Companies Act 2013 provides that the financial year for all companies should end on 31 March, with certain exceptions approved by the National Company Law Tribunal.

  • Penalty

    Not available

  • Application Guidelines / Responsible Persons / Comments

    With regard to the financial year, while the original Companies Act of 1956 provides companies to elect financial year. The 2013 Act eliminates the existing flexibility in having a financial year different than 31 March.

    The 2013 Act provides that the financial year for all companies should end on 31 March, with certain exceptions approved by the National Company Law Tribunal. Companies should align the financial year to 31 March within two years from 01 April 2014.

    For more details please visit: http://www.mca.gov.in/Ministry/pdf/Ind_AS34.pdf