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<h1>Small company definition updated to set specific paid-up capital and turnover caps; changes effective from April 1, 2021.</h1> The Amendment Rules, 2021 add clause (t) to rule 2(1) of the Companies (Specification of Definitions Details) Rules, 2014, specifying that for sub-clauses (i) and (ii) of clause (85) of section 2 of the Act, the paid-up capital and turnover of a small company shall not exceed rupees two crores and rupees twenty crores respectively; the amendment is effective from 1 April 2021.