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MCA announces new Trade Payables Ageing Schedule

Posted on 27 March 2021,    
 10575    Share  Report

The Ministry of Corporate Affairs has made amendments to Schedule III of the Companies Act, 2013, wherein, various new changes have been inculcated with regards to Balance Sheet, Trade Payable, and Trade Receivables etc. Read the official notification below:

[TO BE PUBLISHED IN GAZETTE OF INDIA, EXTRAORDINARY, PART-II,
SECTION 3, SUB-SECTION (i)]

GOVERNMENT OF INDIA
MINISTRY OF CORPORATE AFFAIRS
Notification
New Delhi, 24th March, 2021

G.S.R. (E).—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:-

MCA announces new Trade Payables Ageing Schedule

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;

(ii) in Part I- Balance Sheet,-

(A) under the heading "II Assets", under sub-heading "Non-current assets", after the words "Property, Plant and Equipment", the words "and Intangible assets" shall be inserted and for the words "Tangible Assets", the words "Property, Plant and Equipment" shall be substituted;

(B) in the "Notes", under the heading "General Instructions for Preparation of Balance Sheet", in paragraph 6,-

To download the complete notification, find the enclosed file

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