Auditing
This query is : Resolved
Ganeshbabu K
(Expert)
11 September 2013
Companies (Auditor's Report) Order, 2003 (CARO)
CARO came into force on 1-7-2003. It applies to all Companies, including foreign companies defined u/s.591 of the Companies Act (Act). It is, however, provided that this order shall not apply to follow-ing companies :
(i) A banking company
(ii) An insurance company
(iii) A company registered
u/s.25 of the Act
(iv) A private limited company which satisfies the following conditions :
(a) Its paid up capital and reserves do not exceed Rs.50 lacs;
(b) It has not accepted any public deposits;
(c) Its turnover does not exceed Rs.5 crores; and
(d) Its outstanding loan from any bank or financial institution does not exceed Rs.10 lacs.
If any of the above conditions are not satisfied, the above order will apply to the private limited company.
CARO came into force on 1-7-2003. It applies to all Companies, including foreign companies defined u/s.591 of the Companies Act (Act). It is, however, provided that this order shall not apply to follow-ing companies :
(i) A banking company
(ii) An insurance company
(iii) A company registered
u/s.25 of the Act
(iv) A private limited company which satisfies the following conditions :
(a) Its paid up capital and reserves do not exceed Rs.50 lacs;
(b) It has not accepted any public deposits;
(c) Its turnover does not exceed Rs.5 crores; and
(d) Its outstanding loan from any bank or financial institution does not exceed Rs.10 lacs.
If any of the above conditions are not satisfied, the above order will apply to the private limited company.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Visiting card purchase
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Query on effect of registration of property
- GST on reimbursement of expenses
- Number of years as per AS amortisation of Goodwill
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Wrong CMPo8 file
- Additional trade name
- Whether output tax is taken credit by purchaser
- Equity Share Sale and Purchase
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
