Small Companies under Section 2(85): ₹10 Cr / ₹100 Cr Limits, CARO Exemption, Cash Flow Relief and Filing Requirements

Key Answer: Cumulative Two-Fold Threshold and Substantive Disqualifications

Under section 2(85) of the Companies Act, 2013 and rule 2(1)(t) of the Companies (Specification of Definition Details) Rules, 2014, a small company must meet both financial limits and avoid every statutory exclusion. From 1 December 2025, the prescribed limits are ₹10 crore paid-up share capital and ₹100 crore turnover of the immediately preceding financial year, following G.S.R. 880(E). These are the limits relevant to the FY 2026–27 illustrations below; ₹4 crore/₹40 crore are historical limits.

• Paid-up share capital: not above ₹10 crore. Use paid-up capital, not authorised capital or capital plus reserves.
• Turnover: not above ₹100 crore as per the immediately preceding financial year's profit and loss account.
• Exclusions: a public company, holding company, subsidiary, section 8 company, or company/body corporate governed by a special Act cannot qualify.

Both conditions are cumulative and equality with either ceiling is permitted. For example, ₹50 lakh capital and ₹40.50 crore preceding-year turnover, or ₹4.20 crore capital and ₹5 crore preceding-year turnover, now meet the numerical test. By contrast, ₹50 lakh capital with ₹100.50 crore turnover fails, as does ₹10.20 crore capital with ₹5 crore turnover. Exclusions still apply. Reporting teams using assureOffice should assess actual paid-up capital and control relationships at the relevant reporting/action date, using preceding-year turnover. Status is not irrevocably fixed at the start of a year; a capital increase or acquisition can change the result.

Statutory Evolution and the Legislative Framework

The legislative concept of a 'Small Company' was introduced in the Companies Act, 2013 to dismantle cumbersome compliance barriers for micro, small, and medium corporate businesses. Initially, Section 2(85) capped paid-up capital at ₹50 Lakh and turnover at ₹2 Crore. Recognizing the rapid economic expansion of Indian enterprises, the MCA progressively enhanced these ceilings through executive rule-making under statutory powers:

The current definition rule and amendment history and the actual Gazette notification G.S.R. 880(E) should be read together with section 2(85). The notification raises the prescribed ceilings to the statutory maximums; it does not remove the exclusions or replace the preceding-year turnover test. Apply the law effective for the period and transaction under review.

1. A public company cannot qualify even with ₹5 lakh capital and nil turnover.
2. For FY 2026–27, use FY 2025–26 turnover. Current-year projections do not replace that figure; capital and exclusion-related events still need reassessment.
3. If X controls 51% of Y's total voting power, X is a holding company and Y a subsidiary; neither qualifies even with only ₹1 lakh capital. Board-composition control can also create this relationship.

Core Statutory Privileges and Compliance Exemptions

Attaining and maintaining small company status under Section 2(85) confers major operational, secretarial, and financial reporting advantages:

1. Exemption from CARO 2020 Reporting

Paragraph 1(2)(iv) of CARO 2020 exempts a small company as defined in section 2(85). Paragraph 1(2)(iii) instead concerns section 8 companies. A qualifying small company need not satisfy the separate private-company exemption in paragraph 1(2)(v), so bank borrowings above ₹1 crore do not themselves remove its small-company CARO exemption. The alternative paragraph (v) route requires a private company that is not a holding/subsidiary of a public company and meets all three tests: paid-up capital plus reserves and surplus not above ₹1 crore at the balance-sheet date; aggregate bank/financial-institution borrowings not above ₹1 crore at any time in the year; and total revenue, including discontinuing operations, not above ₹10 crore during that year. Exemption from CARO does not remove the statutory audit or other reporting duties.

2. Exemption from Cash Flow Statement under Section 2(40)

The proviso to section 2(40) permits a small company's financial statements to omit the cash flow statement. Document eligibility and the basis of omission. Separately check the applicable accounting framework, regulatory requirements and lender covenants; the Companies Act small-company definition is not the same as the Small and Medium Sized Company definition in accounting-standard rules. The statutory relief should not be presented as an unconditional exemption from every possible cash-flow reporting requirement.

3. Simplified Annual Return in Form MGT-7A

Rule 11(1) of the Companies (Management and Administration) Rules, 2014 provides Form MGT-7A for OPCs and small companies from FY 2020–21. The proviso to section 92(1) governs signature: the company's company secretary signs, or a director signs if there is no company secretary. This differs from professional certification under section 92(2) and rule 11(2): MGT-8 certification by a company secretary in practice is required for a listed company or a company with paid-up capital of ₹10 crore or more OR turnover of ₹50 crore or more. Rule 11(2) has no express small-company exclusion. Under the expanded ₹10 crore/₹100 crore definition, a small company can therefore require MGT-8 despite filing MGT-7A.

4. Reduced Board Meeting Frequency under Section 173(5)

Section 173(5) permits at least one Board meeting in each half of a calendar year with a gap of at least 90 days between the qualifying meetings. Apply the calendar-year test rather than treating any two meetings in a financial year as sufficient. Section 173(1) ordinarily requires four meetings a year with no more than 120 days between consecutive meetings and addresses the first Board meeting within 30 days of incorporation. The small-company relaxation does not dispense with transaction-specific Board approvals or permit decisions without a properly convened meeting where one is required.

5. Mandatory Auditor Rotation Exclusion under Section 139(2)

Section 139(2) restricts an individual auditor to one five-year term and an audit firm to two consecutive five-year terms for the covered classes. Rule 5 of the Companies (Audit and Auditors) Rules, 2014 expressly excludes OPCs and small companies from its prescribed classes. Those classes otherwise include unlisted public companies with capital of at least ₹10 crore, private companies with capital of at least ₹50 crore, and the specified public-borrowing/public-deposit class at ₹50 crore or more where capital is below the relevant ceiling. Small-company relief arises from the express exclusion, not an assumption that small companies cannot have large borrowings. Ordinary auditor appointment, eligibility and independence requirements continue; this is not automatic annual reappointment or an unlimited appointment.

6. Conditional Relief from Separate IFCoFR Reporting

G.S.R. 583(E) dated 13 June 2017 amended the private-company exemption notification G.S.R. 464(E) dated 5 June 2015. Section 143(3)(i) reporting is exempt for an eligible private company that is an OPC or small company. The separate alternative test is turnover below ₹50 crore AND aggregate borrowings below ₹25 crore from banks, financial institutions or any body corporate at any point during the year; the 13 July 2017 corrigendum changes the original 'or' to 'and'. The notification's paragraph 2A conditions its exemptions on no default in filing financial statements under section 137 or annual returns under section 92. Check that condition before omitting the IFCoFR report. An exemption from this separate auditor reporting requirement does not eliminate management's controls or controls-related work required in the financial statement audit.

7. Abridged Board's Report under Section 134(3A)

Section 134(3A) and rule 8A of the Companies (Accounts) Rules, 2014 provide an abridged Board's Report for OPCs and small companies. Prepare the report from the standalone financial statements and include the prescribed condensed disclosures, including the Directors' Responsibility Statement, Board meeting information, relevant audit qualifications, fraud information, financial highlights and other rule 8A requirements. Abridgement does not dispense with the report, its approvals/signatures or separately applicable disclosures under other laws.

8. Substantially Lower Penalties under Section 446B

Section 446B provides a penalty of not more than one-half of the penalty specified for the relevant default, subject to an overall ceiling of ₹2 lakh for the company and ₹1 lakh for an officer in default or other person covered by the provision. First apply the underlying provision, including its own maximum, then apply the small-company relief; the general ₹2 lakh/₹1 lakh ceilings cannot increase a lower cap. For sections 92(5) and 137(3), the usual ₹2 lakh company/₹50,000 officer maximums therefore yield half-penalty ceilings of ₹1 lakh/₹25,000. The relief does not automatically halve additional filing fees, excuse the default or convert a fine into a penalty.

Financial Statement Presentation under Schedule III Division I

Small-company status does not give a blanket Schedule III exemption. For a company applying Accounting Standards and Division I, prepare the balance sheet, profit and loss statement and notes in that division's format, subject to the applicable standards and Act. Section 129 recognises special statutory formats for specified regulated sectors; Ind AS companies use the applicable other division. Establish the company's framework before selecting a reporting template.

When preparing Schedule III financials for small companies using assureOffice, the reporting team must verify:

• Cash flows: where omission is justified, explain the section 2(40) basis in an appropriate note and retain the eligibility assessment; separately check the applicable reporting framework.
• Ratios: Division I lists 11: Current, Debt-Equity, Debt Service Coverage, Return on Equity, Inventory Turnover, Trade Receivables Turnover, Trade Payables Turnover, Net Capital Turnover, Net Profit, Return on Capital Employed and Return on Investment. Disclose calculation components and explain changes above 25%. Support any non-applicability conclusion.
• Ageing: payables use <1 year, 1–2, 2–3 and >3 years, with MSME/others and disputed categories. Receivables use <6 months, 6–12 months, 1–2, 2–3 and >3 years with disputed/undisputed and good/doubtful categories. Age from the due date, or transaction date if no due date is specified; disclose unbilled amounts separately. Address not-yet-due balances appropriately. Identify qualifying micro/small suppliers and applicable MSMED Act section 22 disclosures using supportable evidence and confirmations; absence of a supplied Udyam certificate is not a blanket statutory exemption.
• Rounding: Division I general instruction 4 uses total income, a different measure from section 2(85) turnover. Below ₹100 crore, round to hundreds, thousands, lakhs or millions or their decimals; at ₹100 crore or more, use lakhs, millions or crores or their decimals. Apply the chosen unit uniformly. Small-company status does not by itself establish which total-income band applies.

Seven Worked Numerical Illustrations for Practical Guidance

Illustrative Example 1: Paid-up Capital and Turnover Are Separate Tests

The following examples are hypothetical. Apex Prototyping Private Limited has authorised capital of ₹5,00,00,000 and paid-up capital of ₹3,90,00,000 at 31 March 2026, assumed unchanged through 31 March 2027. FY 2025–26 revenue from operations is ₹36,50,00,000 and other income ₹1,80,00,000, totalling ₹38,30,00,000. Assume the other income is non-operating investment income outside the section 2(91) goods/services turnover definition. Apex is an independent private company, not a section 8 company and not governed by a special Act.

Status Determination for FY 2026-27:

• Paid-up capital ₹3.90 crore is within ₹10 crore; authorised capital of ₹5 crore does not determine this test.
• FY 2025–26 turnover ₹36.50 crore is within ₹100 crore. ₹36.50 crore + ₹1.80 crore = total revenue ₹38.30 crore.
• The assumed absence of public/holding/subsidiary/section 8/special-Act exclusions is separately established.

Conclusion: Apex meets the ₹10 crore/₹100 crore test for FY 2026–27 on the stated assumptions. Its relevant turnover is ₹36.50 crore; total revenue of ₹38.30 crore is a different measure. CARO does not apply and MGT-7A is the annual-return form. Apply the cash-flow and Board-meeting relief on their stated terms, and independently test MGT-8 and the IFCoFR notification conditions.

Illustrative Example 2: Breaching the Historical Ceiling Does Not Defeat Current Eligibility

Brindavan Agro Processors Private Limited has paid-up equity capital of ₹1,50,00,000, turnover of ₹32,00,00,000 in FY 2024–25 and ₹41,25,00,000 in FY 2025–26. Assume it has no statutory disqualification and capital is unchanged through the FY 2026–27 reporting date. Management refers to an average turnover below the old ₹40 crore limit.

Analysis: Section 2(85) does not allow three-year averaging. For FY 2026–27 the relevant preceding-year turnover is ₹41.25 crore, which is below the current ₹100 crore ceiling. Capital of ₹1.50 crore is below ₹10 crore. Exceeding the historical ₹40 crore ceiling does not defeat current eligibility.

Conclusion: Brindavan qualifies as a small company for FY 2026–27 on these assumptions. It receives the small-company CARO exemption and files MGT-7A. Its preceding-year turnover does not by itself settle MGT-8 for the current annual return: test the capital and turnover relevant to that return separately. A preceding-year turnover of ₹100.01 crore would instead fail the current small-company test, regardless of a lower multi-year average.

Illustrative Example 3: Surge in Current-Year Turnover During FY 2026-27

Delta Tech Innovations Private Limited has paid-up capital of ₹2,00,00,000 and FY 2025–26 turnover of ₹28,00,00,000. In this hypothetical scenario, FY 2026–27 sales rise to ₹62,00,00,000 (₹62 crore). In March 2027 the Board considers whether the increase changes the year's classification. Assume capital and exclusion-related facts remain unchanged.

Analysis: The turnover used for FY 2026–27 is FY 2025–26 turnover of ₹28 crore. For FY 2027–28 it becomes FY 2026–27 turnover of ₹62 crore. Both are within ₹100 crore, and capital of ₹2 crore is within ₹10 crore. A current-year revenue increase is not a substitute for the preceding-year test; other eligibility changes must still be considered.

Conclusion: Delta remains small in both illustrated years under the law and assumptions used here. CARO relief continues and section 2(40) permits omission of cash flows, subject to separately applicable requirements. For the FY 2026–27 annual return, current-year turnover of ₹62 crore meets rule 11(2)'s ₹50 crore MGT-8 certification trigger, even though MGT-7A remains the small-company form. Do not carry that conclusion into FY 2027–28 without checking that year's annual-return figures. Recheck the law when preparing a future year's actual filings.

Illustrative Example 4: The Holding-Subsidiary Disqualification Trap

Matrix Advisory Services Private Limited has capital of ₹10,00,000 and annual turnover of ₹85,00,000. In July 2025 it acquires 60% of Vector Analytics Private Limited's ordinary equity carrying equal voting rights, thereby controlling 60% of total voting power. Vector has capital of ₹5,00,000 and turnover of ₹45,00,000. Assume the relationship continues at the reporting date.

Analysis: Sections 2(46) and 2(87) make Matrix a holding company and Vector its subsidiary on the assumed voting rights. Section 2(85) excludes both regardless of their size. Control of Board composition can also establish a subsidiary relationship without a majority equity holding; check voting and governance rights rather than the shareholding percentage alone.

Conclusion: Neither is a small company. Test each separate exemption on its own terms. In particular, paragraph 1(2)(v) of CARO can still exempt an otherwise eligible private company linked only to another private company if all financial tests are met; it bars holding/subsidiary relationships with a public company. Cash-flow requirements need their own accounting-framework analysis. Neither may use MGT-7A or the section 173(5) relaxation solely on small-company grounds; other independent concessions, if applicable, require separate evidence.

Illustrative Example 5: CARO 2020 Interplay with High Working Capital Borrowings

Zenith Heavy Fabrication Private Limited has capital of ₹3,50,00,000 and preceding-year turnover of ₹34,00,00,000. Its SBI cash-credit limit is ₹8,00,00,000, with ₹6,50,00,000 (₹6.50 crore) outstanding throughout the year. Assume no section 2(85) exclusion applies. The auditor proposes CARO because bank borrowings exceed ₹1 crore.

Analysis: Zenith satisfies the current ₹10 crore capital/₹100 crore preceding-turnover test. Its ₹6.50 crore utilisation is within the stated ₹8 crore limit. CARO paragraph 1(2)(iv) independently exempts a small company; failure of the separate ₹1 crore borrowing test in paragraph (v) does not cancel that exemption.

Conclusion: On these facts, Zenith is exempt under paragraph 1(2)(iv), so CARO reporting is not required for FY 2026–27. This does not establish a blanket exemption from IFCoFR reporting, cash-flow requirements under another framework, lender reporting or ordinary audit procedures.

Illustrative Example 6: Quantitative Penalty Differential under Section 446B

Kaveri Engineering Private Limited is an eligible small company throughout the relevant default period. Assume AOC-4 and MGT-7A are each filed 120 days after their separate statutory due dates, with no applicable extension. Assume the adjudicating officer issued notice 60 days before the filings, so rectification is outside the 30-day window in the proviso to section 454(3), and no other relief applies. For this illustration, the adjudication computation counts 120 chargeable continuing-default days for the company under section 137(3) and for the company/officers under section 92(5); section 137(3)'s officer limb expressly counts days after the first, giving 119 days. Identify the persons legally liable under each provision rather than automatically charging every director; assume two persons each meet both provisions' liability criteria. Amounts below show the half-penalty ceiling before any lower amount lawfully determined in adjudication and exclude filing fees.

Conclusion: The illustrated company penalties are ₹11,000 for each default, totalling ₹22,000. Each liable officer has ₹10,950 under section 137(3) plus ₹11,000 under section 92(5), totalling ₹21,950; for two such officers the amount is ₹43,900. The combined illustration is ₹65,900, compared with ₹1,31,800 before section 446B relief. Actual adjudication must establish default dates, day counting, the applicable law and the liable persons. If a qualifying section 92(4) or section 137(1)/(2) default is rectified before or within 30 days of the adjudicating officer's notice, section 454(3) instead provides no penalty and conclusion of those proceedings; the illustration deliberately assumes this window was missed. Additional filing fees remain separate. The filing defaults also require separate consideration under the IFCoFR exemption notification's no-default condition.

Illustrative Example 7: Revised Limits and a Genuine Disqualifying Event

Orion Logistics Private Limited was incorporated in 2021. Assume it remains independent and otherwise eligible. Its first three rows below retain the original turnover/capital figures; the fourth adds a hypothetical capital increase to show an actual disqualifying event under the revised limits. Future figures are illustrations, not reported results.

Analysis: FY 2026–27 preceding turnover of ₹44.50 crore is below ₹100 crore, so the original facts do not cause a loss of small-company status. At 31 March 2026 the revised limits apply; the earlier part of FY 2025–26 also meets the then ₹4 crore/₹40 crore ceilings because preceding turnover was ₹24 crore and capital ₹3.20 crore. In the added FY 2027–28 row, capital of ₹10.20 crore breaches ₹10 crore despite preceding turnover of ₹38 crore. Assess the date of the capital change and applicable compliance obligations; do not retrospectively assume that earlier valid relief was unavailable.

Ten-Step Verification Table for Small Company Audit & Reporting

Sixteen Practitioner FAQs

1. Can an unlisted public company ever qualify as a Small Company?

No. Section 2(85) explicitly begins with 'small company means a company, other than a public company'. Even if a public company has paid-up capital of ₹1 Lakh and nil turnover, it cannot be classified as a small company.

2. Does turnover include other income when assessing the ₹100 Crore threshold?

Use section 2(91): turnover is gross revenue recognised in the profit and loss account from sale, supply or distribution of goods or services rendered by the company during the financial year. It is not automatically every component of total income, nor is it limited to cash collections. Examine the substance of other income: an item that is genuinely revenue from the company's goods/services can be turnover despite its label, while non-operating investment income is not added merely to be conservative. Document the accounting and legal basis; the current small-company threshold is ₹100 crore for the immediately preceding year.

3. If a company is incorporated in the current financial year, is it a Small Company?

A newly incorporated non-public company may qualify if its capital is within ₹10 crore and none of the exclusions applies. Establish its actual first financial year under section 2(41), document the absence of a completed preceding financial year and assess the relevant filing requirements. Do not treat the mere absence of preceding audited accounts as a universal statutory deeming rule or ignore its capital/control status.

4. Does a Section 8 company with ₹10 Lakh turnover qualify as a Small Company?

No. Clause (B) of the proviso to Section 2(85) expressly excludes companies registered under Section 8 from the definition of a small company, regardless of their financial scale.

5. If a private company has a foreign parent company, can it be a Small Company?

No, where the foreign parent relationship satisfies the holding/subsidiary definitions. The explanations to sections 2(46) and 2(87) include a body corporate for these purposes, and section 2(85) excludes a subsidiary company. Foreign incorporation of the parent does not preserve small-company eligibility.

6. Is a Cash Flow Statement mandatory if a small company obtains bank term loans?

A bank loan alone does not remove the statutory section 2(40) permission to omit cash flows for a qualifying small company. Nevertheless, evaluate the applicable accounting standards, other regulatory requirements and the lender contract independently. Do not confuse the Companies Act small-company definition with accounting-standard SMC eligibility.

7. Must a small company comply with mandatory auditor rotation under Section 139(2)?

Rule 5 expressly excludes small companies from the classes prescribed for section 139(2) rotation. That express exclusion is the reason for relief, even where borrowings are large. Auditor eligibility, independence, appointment and other applicable audit obligations remain.

8. Does CARO 2020 apply if a small company has bank borrowings of ₹5 Crore?

No, if the company qualifies under section 2(85) at the relevant balance-sheet date. CARO paragraph 1(2)(iv) provides this exemption. A ₹5 crore bank balance fails the separate ₹1 crore test in paragraph (v), but does not cancel the independent small-company exemption.

9. Can the Annual Return of a small company be signed by a single director?

Under the proviso to section 92(1), the company secretary signs the annual return; if none is appointed, a director signs. This signature rule does not replace the separate MGT-8 certification test under section 92(2)/rule 11(2). In particular, turnover of ₹50 crore or more, or capital of exactly ₹10 crore, can trigger certification even while the company remains small.

10. What is the minimum gap required between Board meetings for a small company?

The section 173(5) qualifying arrangement is at least one meeting in each calendar half, with at least 90 days between the two qualifying meetings. More meetings can be needed for approvals. This is not a general minimum gap prohibiting all additional Board meetings within 90 days.

11. Are small companies exempt from the 11 Financial Ratios in Schedule III?

No blanket exemption applies. A company reporting under Division I should disclose the required ratios and their numerator/denominator components, and explain changes exceeding 25% compared with the preceding year. Explain genuine non-applicability or an uncomputable ratio; do not automatically label every debt-related ratio inapplicable merely because there is no bank term loan.

12. Does a small company need an Internal Financial Controls (IFCoFR) audit?

The separate section 143(3)(i) auditor reporting exemption is available to an eligible private small company under G.S.R. 583(E), subject to the notification's filing-default condition. Check section 92 and section 137 compliance before relying on it. The exemption does not remove controls responsibilities or controls-related procedures within the financial statement audit.

13. Can a small company use the Fast-Track Merger process under Section 233?

Section 233 permits a fast-track scheme between two or more small companies, among other eligible combinations. Eligibility alone is insufficient: follow the prescribed notices, solvency declarations, member/creditor approvals and Central Government/Regional Director confirmation process. The legislation can require or permit Tribunal involvement in specified circumstances; this is not an unconditional bypass of every NCLT procedure.

14. What happens if a small company issues bonus shares taking capital to ₹4.5 Crore?

Capital of ₹4.50 crore does not breach the current ₹10 crore ceiling, so a bonus issue reaching that figure does not by itself remove status. It would have exceeded the historical ₹4 crore ceiling while that limit applied. A bonus issue that takes paid-up capital above ₹10 crore fails the current capital test, even without fresh cash. Reassess at the relevant date and check preceding-year turnover and exclusions.

15. Does the Section 446B lesser penalty benefit apply to company directors personally?

Yes, for a director who is legally an officer in default or otherwise a person covered in respect of the small company. Section 446B relief is not restricted to the company's own penalty. Apply the underlying liability and maximum first; its ₹1 lakh officer ceiling does not enlarge a lower half-penalty cap, such as ₹25,000 for the illustrated sections 92(5)/137(3) defaults.

16. Is a small company required to appoint an Internal Auditor under Section 138?

Small-company status alone does not exempt a private company from section 138. Rule 13 tests preceding-year turnover of ₹200 crore or more and, separately, bank/public-financial-institution borrowings at any point in the preceding year. Its borrowing limb uses the wording 'exceeding one hundred crore rupees or more'; check the current rule and obtain a documented interpretation for a case exactly at ₹100 crore. An otherwise small company with, for example, ₹110 crore of such borrowings clearly requires assessment under that borrowing limb. Capital/turnover ceilings do not cap borrowing capacity.

Conclusion

The ₹10 crore/₹100 crore limits effective 1 December 2025 expand small-company eligibility, but relief remains provision-specific. Track capital and control changes, preceding-year turnover and filing compliance; independently assess CARO, cash flows, IFCoFR, MGT-8, Board reporting and internal audit. Preserve the required Schedule III disclosures and retain evidence supporting each conclusion.

Official References

• Actual Companies (Amendment) Act, 2020: sections 62 and 65 amend sections 446B and 454.
• Actual Accounts Amendment Rules notification of 31 July 2018 inserting rule 8A.
• Section 233: fast-track schemes and possible Tribunal involvement.
• Definition rule 2(1)(t), current limits and amendment history.
• Gazette G.S.R. 880(E), 1 December 2025 (notification reproduced through ICSI).
• ICAI CARO 2020 Guidance Note, revised 2022: actual Order in Appendix I; update small-company limits separately.
• Annual return rule 11: MGT-7A and MGT-8.
• Section 92: signature, certification and penalties.
• Section 137: filing and penalty day-count wording.
• Section 173: Board meetings.
• Audit and Auditors Rules, rule 5: rotation classes and exclusions.
• Section 143 and linked private-company notification/corrigendum.
• Actual G.S.R. 583(E), 13 June 2017, including paragraph 2A filing condition.
• Schedule III Division I, including the statutory text and ICAI guidance.
• Accounts Rules, rule 13: internal audit.