18 August 2009
Hello i have a querry regarding applicability of CARO. Situation is ........... A Pvt. Ltd Company engaging in Real Estate business with authorised capital of Rs. 25 Lacs, during the year, the company did not take any transaction and not taken any bank laon. the company accepted only deposits from the relatives of the directors.
my question is that whether CARO is applicable on this company or not.
Thanking you, Amit Bansal caamitbansal2007@gmail.com
Guest
Guest
(Expert)
18 August 2009
Dear Amit
Prima Facia the CARO won't be applicable. However please note that its not the authorized capital which will matter but the PAID UP (INCLUDING RESERVES) capital should be less than Rs 5 million.
Also, I'm assuming that the turnover is less than Rs 50 million.
CAclubindia
