my company is service provider tour operator company . our company total turnover till date 4.90 cr. and this year cross 5.00 cr. turnover . our capital is 100000 and Reserve and surplus Rs. 500000 . and co. is. pvt ltd. co.
18 January 2013
Only the following Private Companies are subject to reporting under CARO 2003: a) Companies having a Net Worth of more than Rs.50 Lakh (I.e.paid up capital reserves) b) Which have outstanding borrowings of Rs.10 Lakhs or more, from any Bank or Financial Institution c) Whose turnover is in excess of Rs.5 Crores.
if your company satisfies all the condition then the company need not to report under CARO 2003 BUt if any of the condition is satisfied then CARO is applicable.
18 January 2013
Dear sourabh it should be " if any of the conditions a,b, or c not satisfied than CARO is not applicable.
IF all conditions satisfied CARO will be applicable.
What u'd trying to comment is correct, but you have mistakenly written as "If your co. satisfies all the condition then co. need not to report under CARO"
CAclubindia
