The financial year shall mean the period ending on 31st March of the year. For Example, if a company is registered on 22nd April 2020, then its first financial year will end on 31st March 2021 (i.e., FY 2020-2021). For companies registered on or after 1st January onwards, then its first financial year will end on 31st March of the subsequent financial year. For Example, if a company is registered on 22nd January 2020, then its first financial year will end on 31st March 2021.