“Schedule III Division-ii ( Amendments fy:

Transcript:“Schedule III Division-ii ( Amendments fy::
“Schedule III Division-ii ( Amendments fy: 2021-22)” TOPIC OF THE DAY On 24th March 2020, the MCA notified amendments to Schedule III to the Companies Act, 2013. The notification states that “ 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……….” Amendments in Division II – General Instructions for Preparation of Balance Sheet and Statement of Profit & Loss Pre-amendment [Clause 5] Post-amendment [Clause 5] Depending upon the turnover of the company, the figures appearing in the Financial Statements shall be rounded off as given below Depending upon the Total Income of the company, the figures appearing in the Financial Statements shall be rounded off as given below Amendments in Division II – Balance Sheet ii) Format of the Statement of Change in Equity has been made more broader: - Equity Share Capital Current reporting period Previous reporting period Pre-amendment Post Post-amendment Post (d) Other non-current liabilities (d) Other non-current liabilities Pre-amendment Post Post-amendment Post (d) Current tax liabilities (Net) Remarks *Promoter here means promoter as defined in the Companies Act, 2013. who has been named as such in a prospectus or is identified by the company in the annual return referred to in section 92; or who has control over the affairs of the company, directly or indirectly whether as a shareholder, director or otherwise; or in accordance with whose advice, directions or instructions the Board of Directors of the company is accustomed to act: ***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. Remarks # 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. The amounts to be presented under (i) MSME and (ii) Others shall include those trade payable dues that are undisputed. Remarks # 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. Title deeds of Immovable Property not held in name of the Company– Para 6(L)(i) Remarks The Act does not define ‘title deeds’. In general, title deeds mean a legal deed or document constituting evidence