LIVE GST Certification Course by CA Arun Chhajer begins 27th April. Register Now!!

corporate law/small company

10 June 2018

What does this line mean "Turnover not more than rs. 2 crore or Such HIGHER AMOUNT NOT EXCEEDING RS. 20 CRORE AS PER ITS LAST P/L A/C"

the one which I highlighted in capital, I m not understanding, please help

Reply
Follow
Share

4 Replies

sanjay domadia (13 Points)
Replied 10 June 2018

here you need to read present turnover limit as 2 crores as per it's last p/l account..However limit of 20 cores is given for future limit if companies act want to increase for small company from present limit of 2 crores to 20 crores in future.

Kiran Ravi (47 Points)
Replied 10 June 2018

But y future limit would be considered, because law is implemented on the present criteria, sorry still I am not clear....

Shivam (CA Practice ) (70 Points)
Replied 10 June 2018

The provision just says that turnover limit is 2 cr but Central Govt. may increase it in future. However, it bars CG from increasing it beyond 20 Cr. This T/O is to be taken from last P&L A/c.

4 Like