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CARO APPLICABILITY (Audit)

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This query is : Resolved


( Author )
26 February 2011

XYZ PVT. LTD. IS HAVING A BROUGHT FORWARD P&L OF RS. 4766510 AND EQUITY PREMIUM A/C OF RS. 284000. WHETHER THE CARO IS APPLICABLE TO THE CO.? SALES AND UNSECURED LOAN IS NOT MORE THEN THE SPECIFIED LIMIT.


Author Pulkit Gupta

( Expert )
26 February 2011

In case of private limited company , CARO is applicable only if it satisfies any or all of the conditions:-
1. paid up capital & free reserves exceeds Rs.50 lakhs
2. Loan outstanding from any bank or finanicial institution exceeds Rs.25 lakhs
3. Turnover exceeds Rs.5 crores in any day during the finanical year.

Even if one of these condition is satisfied then also CARO is applicable.
In ur case the total of P&L (b/f) & Equity Premium A/c is Rs.5050510 so it satisfies 1st condition so CARO is applicable.


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