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List of the important changes in Schedule-III of the Companies Act is applicable from 1-4-2021

List of the important changes in Schedule-III of the Companies Act is applicable from 1-4-2021

companies act

YOUR DIVISION-1- AS- Compliant Companies

1- It is now necessary to round the figures. Earlier it was optional

Your Balance Sheet PART-I

2- Some changes to Balance Sheet items

3- In a share capital schedule – Holders of promoters must be disclosed

4- The ageing of the trade payable must be disclosed

5- The ageing of receivables trading must be disclosed

6- If funds borrowed from banks and financial institutions are not used for a specific purpose, disclose the details of where the funds were used.

7- If a property title deed is not in the company name then further disclosure will be given

8- Additional exposure to loans made to promoters, directors, KMP and related parties

9- Additional disclosure of ongoing capital work – age-wise

10- Additional exposure to intangible assets under development – ageing

companies act

11- Details of Benami properties being retained

12- Additional disclosure for bank loans on the basis of securities of current assets. Give details of whether the books are compatible with the periodic data submitted to the bank.

13- Additional disclosure in case of willful defaulter

14- Additional disclosure in relation to relationships with disconnected companies

15- Additional disclosure for registration of charges pending satisfaction of charges

16- Additional disclosure due to non-compliance of the number of company series

Year ending Tasks for GST for the financial year 2020-21

Elimination of Tasks for GST for the financial year 2020-21

17- Various ratios – (10 ratios in total) to be disclosed together with number and denominator and reason for the change with previous year

18- Various additional disclosures for borrowed funds and use of share premium etc.

For-Profit and Loss Account PART-II

19- Additional disclosure of undisclosed income surrendered during any search or survey under the income tax act

20- Various detailed disclosures for the CSR

21- Details of trading or investing in any cryptocurrency or virtual currency

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