Companies Act (Schedule III) Changes from 1st Apr’21

Companies Act (Schedule III) Changes from 1st Apr’21

FOR DIVISION-1- AS- Complied Companies

1- Rounding off of the figures are now compulsory. Earlier it was optional

For PART-I Balance Sheet

2- Some changes in Balance Sheet items

3- In share capital schedule- Promotors holding is must be disclosed

4- Ageing of trade payable is must be disclosed

5- Ageing of trade receivable is must be disclosed

6- If the borrowed funds from banks and financial institution not utilised for a specific purpose, then disclose the details where the funds have been utilized.

7- If the title deed of property not in company name then additional disclosure to be given

8- Additional disclosure for the loans given to promoters, directors, KMP and related parties

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9- Additional disclosures for capital work in progress – ageing wise

10- Additional disclosure for intangible assets under development– ageing wise

11- Details of Benami properties held

12- Additional disclosure in case of bank borrowings on the basis of security of current assets. To give detail on whether the books are matched with the periodical details submitted to the bank.

13- Additional disclosures in case of wilful defaulter

14- Additional disclosure for a relationship with struck off companies

15- Additional disclosure for pending registration of charges and pending satisfaction of charges

16- Additional disclosure for non Compliance with the number of layers of companies

Ending Tasks for GST for FY 2020-21 

17- Various ratios- (total 10 ratios) to be disclosed along with numerator and denominator and reason for variation with the previous year

18- Various additional disclosures in case of utilization of borrowed funds and share premium etc.

For PART-II Profit & Loss Account

19- Additional disclosure for undisclosed income surrendered during any search or survey under the income tax act

20- Various detailed disclosures for CSR

21- Details of trade or investment in any cryptocurrency or virtual currency

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MCA – ‘Small Companies’ Redefined – Cap Raised 50L to 2 CR.

As per New Guidelines by MCA, Few Changes notified for Small Companies are –

Small Companies need to organize  2 board meetings in a calendar year, i.e. one board meeting in each half of the calendar year.

In the case of a small company, the annual return can be signed by the secretary of the company alone or by a single director if there is no Company Secretary (CS).

A small company is excluded from the requirements of the change of auditor by rotation U/s 139(2).

In the audit report, a small company is not required to report on internal financial controls and the company’s operational performance.

Companies Act prescribes lesser penalties in the case of a Small Company.

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MCA announces a New Scheme for Condonation of Delay for Companies

  • MCA announces a new scheme for condonation of delay for companies restored on the Registrar of Companies between the 01.12.20 – 31.12.20.
  • The Scheme offers to condone delay in filing forms with the Registrar, and spares payment of extra fees.
  • This Scheme will be in operation from 01.02.21 and will be available for filing of any overdue e-forms by such companies till 31.03.21.
ministry of corporate affairs
This scheme applicable for the filing of all e-forms, except the following forms:
  • E-form SH-7 (Where any rise in approved share capital is involved)
  • CHG-1, CHG-4, CHG-8 and CHG-9 (Charge Related Documents).
Indirect Taxation

In order to maintain an uninterrupted and consistent supply of vital goods and services, the Central Board of Indirect Taxes and Customs expands the deferred duty payment facility to public undertakings.

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