Budget 2021: FM announces changes in small companies’ threshold; modifications for One Person Company


Delivering the Union Budget 2021-22, Finance Minister Nirmala Sitharaman, on Monday, proposed changes in definition of small companies under the Companies Act. Companies with paid-up capital up to Rs 2 crore and turnover up to Rs 20 crore will fall under small companies. Previously, this threshold held the limit of paid-up capital to Rs 50 lakh and turnover up to Rs 2 crore. This is aimed at benefiting more than 2 lakh companies in compliance required.

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