PPSINGH & ASSOCIATES is a firm of Chartered Accountants having  office  in NCR Delhi just 0.5 km from Anand Vihar ISBT  Delhi  the capital of India established in the year 2003. 

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9899826222, 9711521060, 9871229590, 120-4262462

4F -CS-03, 4th Floor, Ansal Plaza, Sector-1, Vaishali, Ghaziabad- 201010 (UP)

ppsinghassociates200@gmail.com

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Important Limits under Companies Act 2013

Important Limits under Companies Act 2013

Important  threshold Limits under Companies Act 201

Terms Section Applicability /non-applicability threshold limit
SMALL COMPANY2(85)Paid up capital – not exceeding Rs. 2 cr and

 

Turnover not exceeding rs. 20 crore

Caro applicability Applicable to all companies including a foreign company except:

 

●         Banking company

●         Insurance company

●         section 8 company

●         OPC company

●         small company

●         certain Pvt companies not crossing the following threshold limit and not being a subsidiary or holding of a public company.

  Pvt company on which CARO is applicable:
  1. Which is a subsidiary or holding of a public company.
  2. Not being a small company  and

●     Paid capital and reserve & surplus more than Rs 1 crore; or

●     Total borrowings from any bank or FI at any time during FY exceed Rs. 1 crore; or

●     Total revenue as per schedule -III (including revenue from discontinuing operation) exceeds Rs.10 crore.

Adequacy and operating effectiveness  of Internal financial control(IFC) reporting143(3)(i)Not applicable/exemption: Small company /OPC

 

Applicable to Private Company if:-

1. turnover  Rs. 50 Crores or more as per the latest audited financial statements; or

2. aggregate borrowings from banks, Financial institutions, and body corporate at any point in time during the financial year is  Rs. 25 crores or more.

Mandatory Internal auditRule13 companies accounts rule 2014Applicability :

 

All Listed company

Unlisted public company if any of the following conditions are satisfied::

  1. deposits of Rs. 25 crores or more at any point of time during the immediately preceding financial year
  2. paid-up share capital of Rs. 50 crores or more during the immediately preceding financial year,
  3. turnover of Rs. 200 crores or more during the immediately preceding financial year.

Private company if any of the following conditions are satisfied::

  1. turnover of Rs. 200 crores or more during the immediately preceding financial year
  2. outstanding loans or borrowings from banks or financial institutions with a balance exceeding Rs. 100 crores at any point of time during the immediately preceding financial year.
Cash flow statement2(40)Exemption from cash flow statement to

 

OPC, small company, dormant company

SMC  small and medium-sized companies claiming exemption from certain provisions of MCA notified AS2(e) of the Companies (accounting standards) rules Meaning of SMC:

 

➢     Whose equity or securities are neither listed nor in the process of listing in any stock exchange

➢     Not being a bank/insurance co/FI

➢     Turnover less than rs 250 crore in immediately preceding accounting year

➢     Borrowings including public deposits less than Rs 50 crore at any time during the immediately preceding accounting year

➢     Not a holding or subsidiary of a NON-SMC                                     

CSR135Every company

 

  1. Net worth Rs 500 crore or more
  2. Turnover Rs 1000 crore or more
  3. Net profit Rs 5 crore or more during immediately preceding FY
Cost audit148 + rule 4 For regulated sector: Overall annual turnover in preceding FY  Rs. 50crore or more and aggregate turnover of individual products or services for which cost record required under rule 3 rs 25 crore or more.

 

For non-regulated sector: Overall annual turnover in preceding FY  Rs. 100crore or more and aggregate turnover of individual products or services for which cost record required under rule 3 rs 35 crore or more.

Post Views: 568
The important threshold limit is used frequently in the audit report, particularly regarding the applicability and non-applicability of certain provisions and reporting requirements.
Name: P P SINGH
Qualification: LLM( P), LLB, FCA, CS, GSTCC, B.Sc. (H.)
Company: PPSINGH & ASSOCIATES
Location: 1. UG-02, 10A/10 plot no 10, sector 10A, Vasundhara, ghaziabad, UP. NCR Delhi, 2. Office no-03, 4th floor Ansal plaza Mall Vaishali, Ghaziabad- 201010 (Uttar Pradesh)
Author of several books on GST, TDS, and TCS under income tax, Faculty in various prime institutes including IIM, CA /CS institute, and NACIN for the training of GST officers. Handling all types of ligations of income tax, GST, service tax, Delhi VAT, arbitration, commercial disputes, advisory services on project planning and implementation legal aspects, income tax, GST, Company law matters, commercial dispute, arbitration, audit& certification of various corporate and non-corporate body and NGO.

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