Small Company Eligibility
Check “small company” status and compliance relaxations.
Check whether your company qualifies as a “Small Company” under Section 2(85) of the Companies Act, 2013 (as amended in 2022). Small companies enjoy significant compliance relaxations including filing of MGT-7A instead of MGT-7, fewer board meetings, and reduced rotation requirements.
Small Company Status
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Small Company definition (Sec 2(85)) - revised in 2022:
- Paid-up capital ≤ Rs 4 Crore (revised from Rs 2 Cr) AND
- Turnover ≤ Rs 40 Crore (revised from Rs 20 Cr) in the last FY
- Both thresholds must be satisfied (AND condition).
NOT eligible (regardless of size):
- Public Limited Companies
- Section 8 Companies (Non-Profit)
- Holding or Subsidiary Companies
- Companies registered under any Special Act
Benefits of being a Small Company:
- File abbreviated annual return (MGT-7A) instead of MGT-7
- Minimum 2 board meetings per year (vs 4 for others)
- Cash flow statement NOT mandatory in financial statements
- Lower MCA filing fees
- Mandatory auditor rotation provisions do not apply
- Internal audit (Sec 138) not mandatory
- Reduced penalties for procedural defaults
Important note: This tool provides an indicative output only. It does not factor in every special provision, surcharge, exception, or recent notification. Verify with the firm before acting on any computation.
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