Links – MCA – Changes 24-3-2021 – GSR 207E

Monthly Archives: March 2021

Youtube – Companies Act – 2013 Schedule III Compulsory Rounding off in Balance Sheets … to Rs Lakhs, Crores…

  • Companies Act – 2013: Schedule III — Compulsory Rounding off in Balance Sheets … to Rs Lakhs, Crores…


    G.S.R. 207(E).— New Delhi, 24th March, 2021

     

    Rajive Chawla, Chairman, IamSMEofIndia

    Sangeet Kr Gupta, Hony. Consultant, IamSMEofIndia


    Integrated Association of Micro, Small & Medium Enterprises of India

    www.iamsmeofindia.com info@iamsmeofindia.com, +91-9711123111 (Executive Secretary)


    GOVERNMENT OF INDIA
    MINISTRY OF CORPORATE AFFAIRS
    Notification

    G.S.R. 207(E).— New Delhi, 24th March, 2021


    • In exercise of the powers conferred by sub-section (1) of section 467 of the Companies Act, 2013(18 of 2013), the Central Government hereby makes the following further
    • amendments in Schedule III to the said Act
    • with effect from 1st day of April, 2021, namely:-

    • In the said Schedule,-
    • (a) in Division I,-
    • (i) under the heading “General instructions for preparation of Balance Sheet and statement of Profit and Loss of a company”, under sub-heading “General instructions”, in paragraph 4, in clause (i), for the word “may” the word “shall” and for the word “Turnover”, at both the places where it occurs, the words “Total Income” shall be substituted;

    1.Rental income

    2.Interest income

    3.Other income, write off’s… Anything …


    Meaning May vs Shall

    1.May meant : Company had a choice

    2.Shall means : compulsory to use one of these

    • (i) under the heading “General instructions for preparation of Balance Sheet and statement of Profit and Loss of a company”, under sub-heading “General instructions”, in paragraph 4, in clause (i), for the word “may” the word “shall” …..shall be substituted;

    (ii) Once a unit of measurement is used, it shall be used uniformly in the Financial Statements.

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    • Sangeet Kumar Gupta, FCA, DISA, ACMA, PGDMM, B.Com(Hons),
    • Honorary Consultant, Integrated Association of Micro Small and Medium Enterprises of India 93126-08426,
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