UNDER CARO 2020, SMALL COMPANY EXEMPTION
This query is : Resolved
Chandan Gupta
(Querist)
25 September 2023
Small Company Definition Old - Paid up Capital should not exceed 2 Crores & Turnover should not exceed 20 Crores
New Amendment - Paid up Capital should not exceed 4 Crores & Turnover should not exceed 40 Crores
A Private Limited Company being Small Company, as per old & new amendment, as stated above but complies with one of the criteria (Turnover exceeds the limit, Turnover = 12 Crores in FY 2022-23) mentioned in CARO 2020 applicability.
Shall CARO will be applicable to the Company as Small Companies are exempt from the CARO applicability as per Section 143(11) of Companies Act ?
New Amendment - Paid up Capital should not exceed 4 Crores & Turnover should not exceed 40 Crores
A Private Limited Company being Small Company, as per old & new amendment, as stated above but complies with one of the criteria (Turnover exceeds the limit, Turnover = 12 Crores in FY 2022-23) mentioned in CARO 2020 applicability.
Shall CARO will be applicable to the Company as Small Companies are exempt from the CARO applicability as per Section 143(11) of Companies Act ?
CA R SEETHARAMAN
(Expert)
25 September 2023
As per new turnover of 40 crore it will fall under small company. CARO not applicable.
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