Amendments to Schedule 3 of the Companies Act 2013

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Amendments to Schedule 3 of the Companies Act 2013

Amendments to Schedule 3 of the Companies Act 2013 Assurance Services By - CA Raghavendra Adiga

Subject: Change made to Schedule 3 of the Companies act 2013 applicable to for entities whose financial statements are required to be complied with Companies (Accounting Standard) Rules 2006.

The ministry of company affairs through notification dated 24-Mar-2021 has added some key changes in Schedule 3, of the Companies act to bring it in line with the CARO 2020 a number of key points which can be relevant for the entities whose financial statement are required to be complied with Companies (Accounting standard) Rules,2006 are highlighted.

  1. In part I-Balance sheet under the heading “Asset” on the under sub-heading “Non-current assets” for the words “Tangible Assets”, the words “Property, Plant and Equipment” shall be substituted;
  2. In the “Notes”, below the heading “General Instructions for Preparation of Balance Sheet”, in paragraph 6,- (I) below the heading “A. Share Capital”, after item (l) and the entries relating thereto, the following shall be inserted, namely: “(m) A company shall disclose Shareholding of Promoters.

CA Raghavendra Adiga

Manager - Indirect Taxes at Sharma & Pagaria

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