Applicability of caro 2015
This query is : Resolved
CA Supriya Marathe
(Querist)
07 January 2016
Hi,
Want to know the applicability of CARO 2015 to the following Private limited company:-
1) Paid up share capital & Reserves- Rs.7,00,00,000/-
2) Loans from banks & financial Institutions- NIL
3) Turnover- Rs.60,00,000/-
Want to know the applicability of CARO 2015 to the following Private limited company:-
1) Paid up share capital & Reserves- Rs.7,00,00,000/-
2) Loans from banks & financial Institutions- NIL
3) Turnover- Rs.60,00,000/-
Ankur Singhal
(Expert)
07 January 2016
Dear
Non applicability of CARO 2015
a private limited company with a paid up capital and reserves not more than 50 lakh rupees and which does not have loan outstanding exceeding 25 lakh rupees from any bank or financial institution and does not have a turnover exceeding 5 crore rupees at any point of time during the financial year.
for non applicability of CARO all the three conditions are needed to be fulfiled.
In your case the capital Is RS. 7Crore hence CARO is applicable.
Non applicability of CARO 2015
a private limited company with a paid up capital and reserves not more than 50 lakh rupees and which does not have loan outstanding exceeding 25 lakh rupees from any bank or financial institution and does not have a turnover exceeding 5 crore rupees at any point of time during the financial year.
for non applicability of CARO all the three conditions are needed to be fulfiled.
In your case the capital Is RS. 7Crore hence CARO is applicable.
CA Supriya Marathe
(Querist)
07 January 2016
Thank you for the information.
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