In an attempt to boost the enterprise culture in the country, the budget 2021 has proposed to revise the definition for small companies Under the Companies Act 2013 by allowing companies with paid up capital not exceeding INR 2 crores to come under the definition of small companies from the earlier limit of INR 50 lakhs. The revision also extends the turnover limit criteria from the existing INR 2 crores to INR 20 crores. This revision is expected to benefit more than 2 lakh companies in easing their compliance requirements. 

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This has been authored by Dr. Rouhin Deb.