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Discussion > Corporate Law > Pvt ltd >

Applicability of CARO,2003

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Partner


[ Scorecard : 93]
Posted On 15 July 2011 at 14:05 Report Abuse

CARO,2003 is not applicable in case of private company if it does not have  borrowing outstanding exceeding Rs.25 lacs from Banks/FIs. My query is as follows:

 

1.My client is pvt ltd. co. It is the second year of the company. In first year, CARO had been done by other auditor even in case of non-applicability. It takes loan from directors & its interested firms (not from banks/FIs) & outstanding at the year end Rs.34 lacs during the year.Therefore whether CARO is applicable in this case?

 

2.If CARO is not applicable in above case, then which ROC forms to be filed for annual filing? Whether AGM will be conducted?


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M.com,CS,CAFinal Tushar Sampat
M.com CS,CA Final


[ Scorecard : 61968]
Posted On 15 July 2011 at 14:11

Previous auditor has done CARO,2003 only voluntarily and was not mandatory.

So in ma view if it crosses Rs.25 lacs then CARO WILL BE APPLICABLE.

Wait for other members to comment and correct me if i am wrong.





Anjaly.P.A
Article( CA Final)


[ Scorecard : 215]
Posted On 15 July 2011 at 14:20

I my view CARO will be applicable as the outstanding loan balnce exceeds 25 Lakhs.




rachit jain
chartered accountant


[ Scorecard : 550]
Posted On 15 July 2011 at 15:08

as per CARO 2003 loan only include loan from bank or financial institute as in your case company took loan from directors therefore CARO is not applicable to the company.

AGM has to conduct. it doesnt matter whether CARO applicable or not.




Mukesh Kumar Singh
CA-FINAL


[ Scorecard : 3934]
Posted On 15 July 2011 at 16:14

agreed wid all............



Krishna Upadhya
Consultant-Tax Advisory Services


[ Scorecard : 53]
Posted On 15 July 2011 at 19:14

1. CARO is applicable for pricate ltd co. only when they

               a. paid up capital is more than Rs.50lakhs or b. Loan from banking and financial institution in excess of Rs.25 lakhs or c. Turnover in excess of Rs.5 crores

In your case CARO 2003 would not be applicable. In case of an error in the previous year, its not necessary you continue it this year also. No report under CARO be issued.

 

2. ROC form will not be depedent on applicability of CARO. It will always be Form 20B for annual returns, 23AC for filing Balance Sheet and 23ACA for filing Profit & Loss a/c.

All companies should have an AGM(refer sec 166 of Companies Act,1956)



Total thanks : 1 times



Anvesh Desai
Chartered Accountant


[ Scorecard : 156]
Posted On 15 July 2011 at 21:34

Originally posted by : Krishna Upadhya

1. CARO is applicable for pricate ltd co. only when they

               a. paid up capital is more than 50lakhs or b. Loan from banking and financial institution in excess of 25 lakhs or c. Turnover in excess of 5 crores

In your case CARO 2003 would not be applicable. In case of an error in the previous year, its not necessary you continue it this year also. No report under CARO be issued.

 

2. ROC form will not be depedent on applicability of CARO. It will always be Form 20B for annual returns, 23AC for filing Balance Sheet and 23ACA for filing Profit & Loss a/c.

All companies should have an AGM(refer sec 166 of Companies Act,1956)



Niraj
CHARTERED ACCOUNTANTS


[ Scorecard : 72]
Posted On 16 July 2011 at 14:24

CARO is Not Applicable in your case.




CA. VIKAS RAI
N


[ Scorecard : 277]
Posted On 16 July 2011 at 16:29

CARO IS NOT APPLIBALE IN YOUR CASE

As Loans from Banks & Financial Institutions does not exceed Rs.25 lakhs.

Forms for Annual Filling is E- Form 20B, 23AC,23ACA & 66 if applicable.

AGM must be conducted ( Sec-166).




GIRISH KHUBCHANDANI
STUDENT


[ Scorecard : 90]
Posted On 16 July 2011 at 17:35

CARO IS NOT APPLICABLE IN UR CASE.



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