MCA amends definition of small companies – The Economic Times

Clipped from: https://economictimes.indiatimes.com/news/economy/policy/union-budget-2021-live-news-nirmala-sitharaman-updates-february-03/liveblog/80661895.cms

MCA amended the Companies Rules to revise the definition of a small company and to allow non-resident Indians (NRIs) to incorporate one person companies (OPCs) in India.08:59 PM

It’s a well thought out budget. Amongst others, a plethora of measures has been proposed to boost ease of doing business – revisions under the Companies Act, consolidation of several securities-related laws into a single code, etc. Further reducing time for reopening assessment will go a long way in reducing tax litigation.

– Manjula Chawla, Co-founding Partner, Phoenix Legal

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