Small company query

No for a Small Company the Paid-up share capital should not exceed Rs, 50 Lakhs and its Annual Turnover should not exceed Rs. 2 Crores.

paid up capital means paid up capital plus reserves and surplus

In order to be a small company it has to comply both the Clauses of Section 2(85) i.e., the Turnover shall be less than or equal to Rs 2.00 crores & Paid up capital shall be less than or equal to Rs.50.00 lacs. 

it should be noted that turnover for the previous year