CARO APPLICABILITY
This query is : Resolved
26 February 2011
XYZ PVT. LTD. IS HAVING A BROUGHT FORWARD P&L OF RS. 4766510 AND EQUITY PREMIUM A/C OF RS. 284000. WHETHER THE CARO IS APPLICABLE TO THE CO.? SALES AND UNSECURED LOAN IS NOT MORE THEN THE SPECIFIED LIMIT.
CS LLB Pulkit Gupta
(Expert)
26 February 2011
In case of private limited company , CARO is applicable only if it satisfies any or all of the conditions:-
1. paid up capital & free reserves exceeds Rs.50 lakhs
2. Loan outstanding from any bank or finanicial institution exceeds Rs.25 lakhs
3. Turnover exceeds Rs.5 crores in any day during the finanical year.
Even if one of these condition is satisfied then also CARO is applicable.
In ur case the total of P&L (b/f) & Equity Premium A/c is Rs.5050510 so it satisfies 1st condition so CARO is applicable.
1. paid up capital & free reserves exceeds Rs.50 lakhs
2. Loan outstanding from any bank or finanicial institution exceeds Rs.25 lakhs
3. Turnover exceeds Rs.5 crores in any day during the finanical year.
Even if one of these condition is satisfied then also CARO is applicable.
In ur case the total of P&L (b/f) & Equity Premium A/c is Rs.5050510 so it satisfies 1st condition so CARO is applicable.
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