caro
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 May 2010
Will u please tell me if the CARO applicable to a private limited co. having a net worth of Rs. 35 lakhs, Turnover exceeding Rs. 5 crores and loan from banks exceeding Rs. 25 Lakhs. Two of the ocnditions for the applicability of CARO are met and one condition regarding net worth is not met. Then CARO is applicable or not?????????
04 May 2010
Caro is not applicable to a private limited company with a paid-up capital and reserves not more than fifty lakh and does not have loan outstanding twenty five lakh rupees or more from any bank or financial institution and does not have a turnover exceeding five crore rupees, at any time during the financial year.
The words and are used here and not or. So all conditions needs to be satisfied for its non applicability and if one of the conditions are not satisfied CARO applicable.
The words and are used here and not or. So all conditions needs to be satisfied for its non applicability and if one of the conditions are not satisfied CARO applicable.
04 May 2010
NO CARO WILL NOT BE APPLICABLE IN YOUR CASE SINCE ALL THE CONDITION SHOULD BE FULFILLED SIMULTANEOUSLY.
05 May 2010
Dear Dipti Sharma
I completely disagree with your view.
CARO is not applicable only if all the conditions should be fulfilled.
The exemption is given if all the conditions are satified not otherwise.
The Order exempts from its application a private limited company which fulfils all the conditions throughout the reporting period covered by the audit report.
So CARO will be applicable.
I completely disagree with your view.
CARO is not applicable only if all the conditions should be fulfilled.
The exemption is given if all the conditions are satified not otherwise.
The Order exempts from its application a private limited company which fulfils all the conditions throughout the reporting period covered by the audit report.
So CARO will be applicable.
05 May 2010
A private limited company, in order to be exempt from the applicability of the Order, must satisfy all the conditions mentioned above cumulatively. In other words, even if one of the conditions is not satisfied, a private limited company’s auditor has to report on the matters specified in the Order.
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
- TDS on Consultancy- Non DTAA
- Reopen of assessment proceeding
- Depreciation of fixed assets- coop housing society in mumbai
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- TDS Return Q1 FY 2026-27
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- Condonation . E-Verification of last year return .
- Eway bill generation from place other than registeted
- GST rate and HSN code for sale of racing horses
- Rental income gst and it purpose
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
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
