👉 MCA revises threshold for paid up capital of “small companies”
👉 Latest revision to facilitate Ease of Doing Business #EoDB further and reduce compliance burden on “small companies”
Read more ➡️ pib.gov.in/PressReleaseIf…
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👉 Latest revision to facilitate Ease of Doing Business #EoDB further and reduce compliance burden on “small companies”
Read more ➡️ pib.gov.in/PressReleaseIf…
(1/4)
Some of the benefits of revised definition of small companies are 👇
👉 No need to prepare cash flow statement as part of financial statement
👉 Advantage of preparing and filing an Abridged Annual Return
👉 Mandatory rotation of auditor not required
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👉 No need to prepare cash flow statement as part of financial statement
👉 Advantage of preparing and filing an Abridged Annual Return
👉 Mandatory rotation of auditor not required
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👉 An Auditor of a small company is not required to report on the adequacy of the internal financial controls and its operating effectiveness in the auditor’s report
👉 Holding of only two board meetings in a year
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👉 Holding of only two board meetings in a year
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👉 Annual Return of the company can be signed by the company secretary, or where there is no company secretary, by a director of the company
👉 Lesser penalties for small companies
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👉 Lesser penalties for small companies
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