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MCA Notification No. G.S.R. 92(E) dated 01st February, 2021_Companies (Specification of Definitions Details) Amendment Rules, 2021.

MCA vide Notification No. G.S.R. 92 dated 01/02/2021 has issued Companies (Specification of Definitions Details) Amendment Rules, 2021 which will come into effect form 1st April, 2021, thereby further amending Companies (Specification of Definitions Details) Rules, 2014 wherein definition of a small company is amended by inserting the following clause (t) after clause (s) in Rule 2(1):
“(t) For the purposes of sub-clause (i) and sub-clause (ii) of clause (85) of section 2 of the Act, paid up capital and turnover of the small company shall not exceed rupees two crores and rupees twenty crores respectively.”
Previous Limits for Small Company
New Limits for Small Company w.e.f 01/04/2021
Paid-up share capital not exceed rupees 50 lakhs and
Turnover as per profit and loss account for the immediately preceding financial year does not exceed rupees 2 crores
Paid-up share capital not exceed rupees 2 crores and
Turnover as per profit and loss account for the immediately preceding financial year does not exceed rupees 20 crores
The said Notification can be accessed through the following link: MCA_Notif_GSR.92(E)_01.02.2021_Co.(Specification of Definitions Details) Amendment Rules, 2021

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