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Body Corporate: its Definition and Financial Year

Definition:

Sub-section (11) of section 2 of the companies act 2013 defines a “body corporate” or “corporation” as a company which is incorporated outside India, but does not include—

(i) a co-operative society registered under any law relating to co-operative societies; and

(ii) any other body corporate (not being a company as defined in this Act), which the Central Government may, by notification, specify in this behalf.


Financial year for a body corporate:

In accordance with the section 2(41) of the Companies Act, 2013, every body corporate is required to follow an uniform financial year i.e. April 1st to March 31st.

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