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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Private firms with Rs. 5 crore turnover for three years become public u/s 43A, effective after three months.</h1> Private companies with an average annual turnover of at least Rs. 5 crores over three consecutive financial years, concluding after June 15, 1988, will be classified as public companies. This classification occurs under sub-clause (iii) of clause (a) of the Explanation to section 43A, by virtue of section 43(1A). The transition to public company status takes effect three months after the end of the third financial year of the relevant period.
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