Business Laws (Law) Amendments | CA Foundation | May 2023

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  • Last Updated on 21 November, 2023

Law Amendments CA Foundation

CA Foundation May, 2023 Examinations

Paper-2 | Section A: Business Laws

The September 2021 edition of study material is relevant for May, 2023 examinations. The amendments made after the issuance of this study material i.e., for period 1st May 2021 to 31st October, 2022 shall also be relevant.

The relevant legislative amendments for May 2023 are given below:

List of amendments made after 30th April, 2022 up to 31st October, 2022

Key Highlights of Amendments

Chapter Section Type of Amendment Level of Amendment
The Companies Act, 2013 2(85) Amendment in the definition of “small company” Minor

Companies Rules, 2014 have been amended through Companies Amendment Rules, 2022 via Notification G.S.R. 700(E) dated 15th September, 2022 which is applicable from the same date.

Changes made under Old Provisions of the Companies Act, 2013

Topic/Section Old Provision New Provision Remarks
Section 2(85): Small Company As per the Companies (Specification of Definitions Details) Rules, 2014, for the purposes of sub-clause (i) and sub-clause (ii) of clause (85) of section 2 of the Act, paid up capital and turnover of the small company shall not exceed rupees two crores and rupees twenty crores respectively. As per the Companies (Specification of Definitions Details) Rules, 2014, for the purposes of sub-clause (i) and sub-clause (ii) of clause (85) of section 2 of the Act, paid up capital and turnover of the small company shall not exceed rupees four crores and rupees forty crores respectively. Earlier, the maximum limit of paid-up capital and turnover of the “small company” was rupees two crores and rupees twenty crores respectively.

Under the new provision, the maximum limit shall be rupees four crores and rupees forty crores respectively.

 For official announcement and reference of complete amendments made after September 2021 edition of study material, click on the links below:

https://boslive.icai.org/announcement_details.php?id=184

https://resource.cdn.icai.org/73040bos58882.pdf

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