MCA on Friday, 4th September, 2015 brought about certain amendments to Schedule III of the Companies Act, 2015 as under:
In the said Schedule, in Part I- Balance Sheet,-
(i) Under the heading “Equity and Liabilities”, in para (4), for,'(b) Trade payables, the following shall be substituted, namely:-
(b) Trade Payables:-
(A) total outstanding dues of micro enterprises and small enterprises; and
(B) total outstanding dues of creditors other than micro enterprises and small enterprises.”.
(ii) Under the heading “Notes: General Instructions for preparation of Balance Sheet”, in para 6, after sub-para F the following shall be inserted, namely:-
“FA. Trade Payables
The following details relating to Micro, Small and Medium Enterprises shall be disclosed in the notes:-
(a) the principal amount and the interest due thereon (to be shown separately) remaining unpaid to any supplier at the end of each accounting year:
(b) the amount of interest paid by the buyer in terms of section 16 of the Micro, Small and Medium Enterprises Development Act, 2006, along with the amount of the payment made to the supplier beyond the appointed day
during each accounting year;
(c) the amount of interest due and payable for the period of delay in making payment (which have been paid but beyond the appointed day during the year) but without adding the interest specified under the Micro, Small and
Medium Enterprises Development Act, 2006;
(d) the amount of interest accrued and remaining unpaid at the end of each accounting year; and
(e) the amount of further interest remaining due and payable even in the succeeding years, until such date when the interest dues above are actually paid to the small enterprise, for the purpose of dis-allowance of a deductible expenditure under section 23 of the Micro, Small and Medium Enterprises Development Act, 2006.
Explanation.-The terms’appointed day’,’buyer’,’enterprise’,’micro enterprise’, ‘small enterprise’and’supplier’, shall have the same meaning assigned to those under clauses (b), (d), (e), (h), (m) and (n) respectively of section 2 of the Micro, Small and Medium Enterprises Development Act, 2006.”.