Amendment to Schedule III to the Companies Act, 2013

GOVERNMENT OF INDIA
MINISTRY OF CORPORATE AFFAIRS
Notification

New Delhi, 24th March, 2021

G.S.R. 207(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:-

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,-

(I) under the heading “A. Share Capital”, after item (l) and the entries relating thereto, the following shall be inserted, namely:

“(m) A company shall disclose Shareholding of Promoters* as below:

*Promoter here means promoter as defined in the Companies Act, 2013.

** Details shall be given separately for each class of shares

*** percentage change shall be computed with respect to the number at the beginning of the year or if issued during the year for the first time then with respect to the date of issue. ”

(II) under the heading “F. Short-term borrowings”, after item (iv) and the entries relating thereto, the following shall be inserted, namely:

“(v) current maturities of Long term borrowings shall be disclosed separately.” ;

(III) after the heading “FA. Trade Payables” and the entries relating thereto, the following shall be inserted, namely:

“FB. Trade payables due for payment

The following ageing schedule shall be given for Trade payables due for payment:-

Trade Payables ageing schedule

(Amount in Rs.)

# similar information shall be given where no due date of payment is specified in that case disclosure shall be from the date of the transaction.

Unbilled dues shall be disclosed separately;

(IV) under the heading “G. Other current liabilities”, item (a) shall be omitted;

(V) Under the heading “I. Tangible Assets”,-

(a) for the words “Tangible Assets”, the words “Property, Plant and Equipment” shall be substituted;

(b) for item (iii), the following shall be substituted, namely:-

“(iii) A reconciliation of the gross and net carrying amounts of each class of assets at the beginning and end of the reporting period showing additions, disposals, acquisitions through business combinations, amount of change due to revaluation (if change is 10% or more in the aggregate of the net carrying value of each class of Property, Plant and Equipment) and other adjustments and the related depreciation and impairment losses/reversals shall be disclosed separately.”;

(VI) Under the heading “J. Intangible assets”, for item (ii), the following shall be substituted, namely:-

“(ii) A reconciliation of the gross and net carrying amounts of each class of assets at the beginning and end of the reporting period showing additions, disposals, acquisitions through business combinations, amount of change due to revaluation (if change is 10% or more in the aggregate of the net carrying value of each class of intangible assets) and other adjustments and the related depreciation and impairment losses or reversals shall be disclosed separately.”;

(VII) Under the heading “L. Long-term loans and advances”, in item (i), sub-item (b) shall be omitted;

(VIII) Under the heading “M. Other non-current assets”,-

(a) after item (i), the following shall be inserted, namely:

“(ia) Security Deposits”

(b) after item (iii), the following shall be inserted, namely:

“(iv) For trade receivables outstanding, following ageing schedule shall be given:

Please refer to the attached file for details