What Budget offers to Companies

Written by PracticeGuru 1st Feb, 2021 2 Min Read

If you are a company or consultant to any company, there is a good news from Budget 2021. What Budget offers to Companies

Decriminalization

Decriminalization of the Limited Liability Partnership (LLP) Act, 2008 is being undertaken.

Simplification

The compliance requirements for more than two lakh companies would be eased with proposed revision in definition for Small Companies –increase in thresholds for Paid up capital from INR50 lakh to INR2 Cr and turnover from INR2 Cr to INR20 Cr.

Use of New-Age Technologies

During the coming fiscal 2021-22, data analytics, artificial intelligence, machine learning driven MCA21 Version 3.0 will be launched. This Version 3.0 will have additional modules for e-scrutiny, e-Adjudication, e-Consultation and Compliance Management.

Digitization

NCLT framework to be strengthened, e-Courts system shall be implemented and alternate methods of debt resolution and special framework for MSMEs shall be introduced.

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