CARO
This query is : Resolved
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.
Is CARO reporting required for companies involved in consultancy and advisory companies.
Basicaaly the company belongs to service industry.
Regards,
Hardik M Thakkar.
29 June 2010
refer caro applicability clause, you can get it here at caclubindia. use search facility
29 June 2010
I will keep it open for all other experts to answer
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.
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.
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