1. When two small companies are associate companies of each other, will they still be considered small companies?
2. Applicability of the revised Turnover of Rs 20 crores and Paid up Capital of Rs 5 crores effective from which financial year? Is it applicable if company was NOT a small company in FY 2020-21 i.e Turnover above 2 crores but satisfies the conditions in FY 2021-22 i.e Turnover below 20 crores.
Any insight into the above will be gladly appreciated!
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Small Company -Help!
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Quick Summary
Recommended in budget 21 , and effective from 1/4/2021( please confirm from finance Act 21) for small companies turnover 20 crore and paid up Capital 5 crore .
Holding or subsidary companies will not be treated as small companies and For F.Y 20-21 criteria was different for small Companies.
Holding or subsidary companies will not be treated as small companies and For F.Y 20-21 criteria was different for small Companies.
Status may change every year ,Viz upto FY 20-21 it's old threshold and from FY 21-22 New Criteria,Without specific provision in act ,company may be small for one year and Not for another year ,but additional compliances based on criteria have specific wordings on the statute..
As mentioned , Holding and Subsidiaries,Section 8 company ,body corporate and company governed by any special act
As mentioned , Holding and Subsidiaries,Section 8 company ,body corporate and company governed by any special act
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