Financial year as the uniform accounting year under the Income-tax Act, 1961 ‑ Grant of extension of time for holding annual general meetings under section 166(1) and permission to extend financial year under section 210(4), proviso, Companies Act, 1956 - Companies Law - Circular: No. 7,

Circular: No. 7, dated 23 ‑ 5 ‑ 1988. Subject:- Financial year as the uniform accounting year under the Income-tax Act, 1961 ‑ Grant of extension of time for holding annual general meetings under section 166(1) and permission to extend financial year under section 210(4), proviso, Companies Act, 1956 I am directed to say that the concept of a uniform accounting year is being brought in from the assessment year 1989‑90, as per section 3 of the Income‑tax Act, 1961, as amended by the Direct Tax Laws (Amendment) Act, 1987, so that the first uniform date on which all companies are required to furnish to the assessing authorities statement of affairs is as at 31st March, 1989. You are, therefore, advised to grant extension of time for holding annual general meetings under the second proviso to sub-section (1) of section 166 and permission to extend financial year under the proviso to sub‑section (4) of section 210 of the Companies Act, 1956, liberally, to the extent permissible under the Companies Act, 1956, if the companies make such request for purposes of compliance of the aforesaid provisions of the Direct Tax Laws (Amendment) Act, 1987.