MCA Notifies Amendments in Schedule-III of Companies Act, 2013 Effective From 01.04.2021

Central Government amends the Schedule-III of the Companies Act, 2013 in the exercise of the powers conferred by Section 467 of the Companies Act, 2013. These shall come into effect from 01.04.2021.

Schedule-III of the Companies Act, 2013 contains the general instructions/guidelines for the preparation of the Balance Sheet and Profit and Loss Account of the Company.

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:-

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;

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Presentation on Amendments in Schedule III

(ii) in Part I- Balance Sheet,-

(A) under the heading “II Assets”, under the 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 the item (l) and the entries relating thereto, the following shall be inserted, namely:

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MCA Notifies Companies (Meetings of Board and its Powers) Fourth Amendments Rules, 2020

“(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.

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