HELLO EXPERTS;

ONE OF MY CLIENT HAS TAKEN LOAN FROM FINANCIAL INSITUTE OF AMOUNT MORE THAN 1 CRORE AND HAS PAID UP CAPITAL AND RESERVES OF MORE THAN 1 CRORE. HOWEVER TURNOVER IS BELOW Rs.12 LACS.

AS PER CARO 2016 THE WORD AND IS USED BETWEEN ALL THE THREE CONDITIONS

MY QUERY IS THAT ,
1) WHETHER CARO 2016 IS APPLICABLE TO MY CLIENT. ....?
2) WHETHER ALL THE CONDITIONS ARE INDEPENDENT OR CUMULATIVE. ....?

WORDING USED IN CARO 2016;
a private limited company, not being a subsidiary or
holding company of a public company, having a paidup
capital and reserves and surplus not more than
rupees one crore as on the balance sheet date AND
which does not have total borrowings exceeding
rupees one crore from any bank or financial institution
at any point of time during the financial year AND which
does not have a total revenue as disclosed in Schedule
III to the Act, (including revenue from discontinuing
operations) exceeding rupees ten crores during the
financial year as per the financial statements.

THANKS IN ADVANCE

plz share audit amendments

What is the due date for filing of ITR of Companies and society for AY 2016-17, whose gross receipts are less than Rs 1 crore or Rs 25 lakhs? Is the extension till 17 oct 2016 applicable to them also or is it applicable to only those companies firms & societies which are coming u/s 44AB?

Dear Experts,
A Private Limited Company having
A. Paid up capital Rs 31.25 Lac
B. Share Premium - Rs 82.35 L
C. Profit & Loss A/c (Cr Bal)- 7.25 Lac
D. Loan- Nil
E. Turnover Rs 4.53 Crore

Please confirm whether CARO-2016 will be applicable or not

How many companies are covered under sec 138 Of companies act for internal audit?

which type of digital signature is required for tax audit case

Dear Members,
One of my client is Franchise of Major Money Changer (Like Paul Merchant/ UAE Exchange) and it is purchasing Currency from customers and selling the currency to Franchisor and getting commission However the commission was not paid separately, it was adjusted in price e.g. if he is purchasing the C/N from Customer (20$ @ 66) and selling it to Franchisor at (20$ @ 68) and this Rs. 2 is his commission which is also reflecting in 26 AS.
Now my question is How to calculate Turnover for Tax Audit.
Option (A) Turnover = 20$ * 68 = 1360
OR
Option (B) Turnover = Rs. 2 i.e. Commission
Thanks in advance.

hi experts while auditin of one of our client from hotel industry we found that they are providing free food to its staff on daily basis. around to 30 to 40 employees but no accounting for such expenses. what can be the reason? and on what basis cost should be calculated and booked in books? pls explain the same in detail. regards

Please give solution to the below querry

As per ESIC new notification S-38013/19/2016-SS.l esi is to be paid for every employee who is earning salary/wages up to Rs 15,000 per month respectively. What about PF ? If any notification please suggest.

For a software Private company which does not require reporting under caro. Should we really mention that in the independent auditors report that caro is not applicable and leave it there or should we still go ahead and provide the an annexure on caro