MCA notified certain exemptions to private companies dtd 13th June 2017

Strawberries

New Exemption
The auditor‟s report shall also state whether the company has adequate internal financial controls system in place and the operating effectiveness of such controls;

Shall not apply to a private company
(i) which is a one person company; or a small company;
or
(ii) which has turnover less than rupees fifty crores as per latest audited financial
statement or which has aggregate borrowings from banks or financial institutions or any body corporate at any
point of time during the financial year less than rupees twenty five crore;45656clcgc35832

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I will regularly provide update on direct tax and indirect tax