gopal (proprietor) (56 Points)
18 April 2015My understanding is
In case of a pvt company where paid up capital is one crore and turnover is 6 crores and bank loan is 5 lakh then CARO 2015 IS NOT applicable as it has not satisfied all three requirements.
Secondly only regular Audit report is ony applicable. MAOCORO is no more in existance.
can anybody confirm
Deepak Gupta
(CA Student)
(15922 Points)
Replied 18 April 2015
A private limited company is exempted from CARO 2015, if the paid up capital & reserves is not more than Rs. 50 lakh and does not have loan outstanding exceeding Rs. 25 lakh from any bank/financial institution and does not have a turnover exceeding Rs. 5 crore at any point of time during the financial year.
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To be exempt from CARO, a private limited company must satisfy all the conditions cumulatively. Even if one of the conditions is not satisfied, the private limited company’s auditor has to report on the matters specified in CARO.
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Hence, CARO 2015 is applicable in the above case.
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