Financial year flexibility permits alternative accounting periods for foreign-affiliated companies, subject to government approval and transitional tribunal rules.

The amendment allows the Central Government to permit, on prescribed application, any period to be treated as the financial year for a company that is a holding, subsidiary or associate of a company incorporated outside India and required to follow a different year for consolidation; pending applications before the Tribunal at commencement must be disposed of under the provisions applicable before the amendment.

---

---

---