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If tax audit is not applicable then caro apply or not

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12 October 2011 One of my Client company has turnover of Rs. 7 Lacs and capital is only Rs. 5 Lacs but Secured Loan outstanding is of Rs. 26 Lacs then CARO will applicable or not as TAX audit is not applicable on the company.
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CA RICHA BADALIA

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CA RICHA BADALIA (Expert)
12 October 2011 CARO applies to all companies including foreign companies except:-
1.Banking Company
2.Insurance Company
3.Company u/s 25
4. PVT LTD CO. subject to the following condition (1).Aggregate of paid up capital & reserve should not exceed 50Lakhs (2).Loan outstanding from bank or financial institution should not exceed 25 Lakhs (3) Turnover should not exceed 5 crore.

Sir,according to me tax audit is not a criteria for determining applicability of CARO.In your case CARO is applicable.
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