Caro applicable or not
This query is : Resolved
Vipin Rathi
(Querist)
18 January 2013
Dear All Member ,
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.
my question is whether CARO Applicable or not.
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.
my question is whether CARO Applicable or not.
CA.Sourabh Sethia
(Expert)
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.
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.
Preety Chawda
(Expert)
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"
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"
CA.Sourabh Sethia
(Expert)
18 January 2013
NO miss preety u are taking it wrong
if any of the condition a, b or c is satisfied then you need to report under CARO
if all the condition are not satisfied then you are not required to report under CARO.
but i agree that in the previous comment it was mistake.
if any of the condition a, b or c is satisfied then you need to report under CARO
if all the condition are not satisfied then you are not required to report under CARO.
but i agree that in the previous comment it was mistake.
CA.Sourabh Sethia
(Expert)
18 January 2013
I mean it is applicable if :
a) Companies having a Net Worth of more than Rs.50 Lakh paid up capital reserves)
Or
b) Which have outstanding borrowings of Rs.10 Lakhs or more, from any Bank or Financial Institution
Or
c) Whose turnover is in excess of Rs.5 Crores.
a) Companies having a Net Worth of more than Rs.50 Lakh paid up capital reserves)
Or
b) Which have outstanding borrowings of Rs.10 Lakhs or more, from any Bank or Financial Institution
Or
c) Whose turnover is in excess of Rs.5 Crores.
CA.Sourabh Sethia
(Expert)
18 January 2013
i think now you have got me what i mean to say....!!
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