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And now, Centre lets ‘one person company’, small firms file abridged annual returns
March 08, 2021
Move may ease compliance burden
On the heels of budget proposals to encourage formation of ‘small company’ and ‘one person company’, the Ministry of Corporate Affairs has come up with an abridged version of annual return for such companies.
This move is seen as yet another effort by the government to ensure ease of doing business for companies and attract foreign investments. It will go a long way to lighten the compliance burden of several lakhs of companies.
Besides revising the definition of a small company in the recent budget, it had also allowed NRIs to incorporate one person company. These changes are to come into effect from April 1. As per the amendment effected for definition of small company, the government has now stipulated that the paid-up capital cannot exceed ₹2 crore and turnover ₹ 20 crore.

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