29 July 2009
If a trader in commodities with actual investment of Rs 1,00,000/- but with a turnover of Rs 1,00,00,000/- and loss of Rs 5,00,000/-. Will he have to get his books of accounts audited? If not how will the sales be accounted for?
04 August 2009
Are you referring to a private limited company and applicability of CARO? In that case, if paid up capital and reserves is less than 50 lacs and turnover is less than 5 crores and there is no public accepted, then CARO is not applicable.
CAclubindia
