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India's Union Budget 2021: Key Changes to Keep Track Of

India's Union Budget 2021: Key Changes to Keep Track Of
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Nirmala Sitharaman: Budget 2021: FM announces changes in small companies' threshold; modifications for One Person Company

Story outline
Companies with paid-up capital up to Rs 2 cr and turnover up to Rs 20 cr will fall under small companies.
The Budget made space for easing norms around setting up of OPC.
It has reduced the residency limit of NRIs from 182 to 120 days
Among advantages, one can say that an OPC is free from stringent legal compliances such as board meetings, financial statement inclusions, quorums, mandatory rotation of an auditor.
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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