An Indian company's financial year normally ends on 31 March. A subsidiary of a foreign company can apply to the National Company Law Tribunal to follow a different year for consolidation.
Key points
- Most GCCs keep the 31 March year for statutory accounts and tax.
- Monthly packs are prepared to the parent's own calendar for group reporting.
- Two sets of books (Companies Act and parent GAAP) are reconciled every month.
General information, not tax or legal advice. Rules change; confirm the position for your entity before acting.