Under Section 2(85) Companies Act 2013, a 'small company' is one which is not a public company and has paid-up capital and turnover not exceeding the prescribed limits. The 2021 amendment to the Companies (Specification of Definitions Details) Rules raised these limits to:

1. Section 2(85) defines 'small company' as a company, other than a public company, whose paid-up capital and turnover do not exceed prescribed thresholds. 2. Original 2013 thresholds: paid-up capital ≤ Rs 50 lakh / turnover ≤ Rs 2 crore. 3. Companies (Specification of Definitions Details) Amendment Rules, 2021 raised to Rs 2 crore / Rs 20 crore; further raised in September 2022 to Rs 4 crore paid-up and Rs 40 crore turnover. 4. Small companies enjoy concessions: lesser disclosures, abridged annual return, fewer board meetings (Section 173). 5. Hence option B is correct (post-2022). _Source: Companies Act 2013 (Act 18 of 2013), Govt. of India MCA — Companies Act 2013, Section 2(85); Companies (Specification of Definitions Details) Rules 2014 (amended 2022)_