Namaste! I'm Veda — TaxClue's AI compliance assistant. 🙏
Ask me anything about GST, ITR, Company registration, Trademark, FSSAI or any compliance topic. When you're ready, I'll connect you with our expert for a free callback.
Share your details — our expert will call you
Powered by TaxClue · India's Trusted Compliance Platform
MCA amends disclosure norms in financial statements (Schedule III)
Ministry of Corporate Affairs made an announcement of the amended of Schedule 3 of the Companies Act, 2013 vide Press Release id no. 1744542 dated 10th August, 2021 with an aim to ...
VS
Vikas SharmaTax & Compliance Expert
2 min read95 viewsUpdated Aug 22, 2026
Expert Reviewed
High Complexity
0:00
Last updated: August 2026Verified against: Government sources
Quick Answer
Ministry of Corporate Affairs made an announcement of the amended of Schedule 3 of the Companies Act, 2013 vide Press Release id no. 1744542 dated 10th August, 2021 with an aim to bring in greater tra
Need help with Company Law?Talk to a qualified CA / CS about your exact case — no obligation.
Ministry of Corporate Affairs made an announcement of the amended of Schedule 3 of the Companies Act, 2013 vide Press Release id no. 1744542 dated 10th August, 2021 with an aim to bring in greater transparency in reporting of financial statements, the Ministry of Corporate Affairs (MCA) vide notification dated 24.03.2021 has amended the Schedule III to the Companies Act, 2013 effective from 01st April, 2021 to mandate various disclosures by companies in their financial statements.
Key Highlights:
The new disclosures with respect to the virtual currency/crypto currency transactions and CSR spending undertaken by companies during a financial year are:
1. Details of CryptoCurrency or Virtual Currency
Where the Company has traded or invested in Crypto currency or Virtual Currency during the financial year, the following shall be disclosed:-
profit or loss on transactions involving Crypto currency or Virtual Currency
amount of currency held as at the reporting date,
deposits or advances from any person for the purpose of trading or investing in Crypto Currency/virtual currency.
2. Details of Corporate Social Responsibility (CSR)
Where the company covered under section 135 of the companies act, the following shall be disclosed with regard to CSR activities:-
amount required to be spent by the company during the year,
amount of expenditure incurred,
shortfall at the end of the year,
total of previous years shortfall,
reason for shortfall,
nature of CSR activities,
details of related party transactions, e., contribution to a trust controlled by the company in relation to CSR expenditure as per relevant Accounting Standard,
where a provision is made with respect to a liability incurred by entering into a contractual obligation, the movements in the provision during the year should be shown separately.
Disclaimer: Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information.
Disclaimer: This article is for general informational purposes only and does not constitute professional tax, legal or financial advice. Laws, rates and due dates change and can vary by individual case — always verify with the relevant government source (e.g. mca.gov.in, incometax.gov.in) or consult a qualified professional before acting. TaxClue accepts no liability for decisions taken based on this content.
Our CA & CS professionals handle everything — from registration and filing to ongoing compliance. Talk to an expert about your exact case, no obligation.
