Applicability of caro 2003
This query is : Resolved
JAYAKUMAR.M.G
(Querist)
04 November 2013
Sir
Inrespect of a Private Limited Co who's Paid Capital is Rs 21 Lakhs and turn over Less than One Crore and Closed their loan amounting to Rs 95 Lakhs during 2012-13. Whether CARO is applicable for 2012-13 and for next years. Please note that as on 31.3.2013 there is no amount outstanding to any Bank or Financial Institution .
RGDS
Inrespect of a Private Limited Co who's Paid Capital is Rs 21 Lakhs and turn over Less than One Crore and Closed their loan amounting to Rs 95 Lakhs during 2012-13. Whether CARO is applicable for 2012-13 and for next years. Please note that as on 31.3.2013 there is no amount outstanding to any Bank or Financial Institution .
RGDS
04 November 2013
CARO,2003 is applicable for FY 2012-13 since loan amounting to Rs. 95 lakhs was outstanding 'at any point of time during the year.'
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JAYAKUMAR.M.G
(Querist)
04 November 2013
Thank you sir.Kindly advice the applicability for 2013-14
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