Uniform accounting year requirement permits liberal extensions for annual general meetings and financial year changes to ensure tax compliance. A uniform accounting year is being introduced under the Income tax Act amendment, requiring alignment of companies' accounting year end for statement of affairs; authorities are advised to grant extensions for annual general meetings under the second proviso to section 166(1) and permission to extend financial years under the proviso to section 210(4) of the Companies Act, 1956, liberally and only to the extent permissible, to enable compliance with the tax amendment.