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Introducing the “In Favour Of” filter in Case Laws.
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<h1>Uniform Accounting Year Mandated from 1989-90; Extensions for AGMs and Financial Year Allowed u/ss 166(1) & 210(4.</h1> The circular addresses the implementation of a uniform accounting year starting from the assessment year 1989-90, as mandated by the Income-tax Act, 1961, amended by the Direct Tax Laws (Amendment) Act, 1987. Companies must submit their statements of affairs by March 31, 1989. Authorities are advised to liberally grant extensions for holding annual general meetings under section 166(1) and for extending the financial year under section 210(4) of the Companies Act, 1956, to facilitate compliance with these new requirements.