CARO

This query is : Resolved

hardik (Querist)
Follow

29 June 2010 Dear Sir,

Is CARO reporting required for companies involved in consultancy and advisory companies.
Basicaaly the company belongs to service industry.

Regards,
Hardik M Thakkar.

CA CS CIMA Prakash Somani

CA CS CIMA Prakash Somani (Expert)
Follow

29 June 2010 refer caro applicability clause, you can get it here at caclubindia. use search facility

CA CS CIMA Prakash Somani

CA CS CIMA Prakash Somani (Expert)
Follow

29 June 2010 I will keep it open for all other experts to answer

Aditya Maheshwari

Aditya Maheshwari (Expert)
Follow

29 June 2010 CARO is applicable to every company including a foreign company as defined in section 591 of the Act, except the following :-

1. a Banking company as defined in clause (c) of section 5 of the Banking Regulation Act, 1949 (10 of 1949);

2. an insurance company as defined in clause (21) of section 2 of the Act;

3. a company licensed to operate under section 25 of the Act;and

4. a private limited company with a paid up capital and reserves not more than rupees fifty lakh and which does not have loan outstanding exceeding rupees twenty five lakh from any bank or financial institution and does not have a turnover exceeding rupees five crore at any point of time during the financial year

So it does not depend upon the type of company but on the scale of operations of the company.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now