DOES THE CARO APPLY TO A PVT. LTD CO. EVEN IF IT SATISFIES ONLY 1 CONDITION IE. ANNUAL TURNOVER ABOVE RS. 5 CR.?
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APPLICATION OF CARO REPORT
Replies (6)
Yes......
Exemption is granted only to the companies which satisfies all the 3 conditions
i didn't get your answer kalpesh...
Only by satisfying all the three consitions, CARO will not apply to the privcate company.
If any of the conditions not satisfied then CARO will immediately apply to that particular private company.
yes, CARO will be applicable.
CARO is not be applicable to a private company if it fulfills all of the 3 conditions-
1) paid up capital and reserves are not more than 50 lakhs
2) does not have outstanding loan from bank or financial institution exceeding 25 lakhs
3)does not have turnover exceeding 5crores at any point of time during the financial year.
| Originally posted by : savita madhavan | ||
 |
yes, CARO will be applicable. CARO is not be applicable to a private company if it fulfills all of the 3 conditions- 1) paid up capital and reserves are not more than 50 lakhs 2) does not have outstanding loan from bank or financial institution exceeding 25 lakhs 3)does not have turnover exceeding 5crores at any point of time during the financial year. |
 |
Yes......CARO WILL BE APPLICABLE YF ANY OF THE ABOVE CONDITIONS ARE NOT SATIFIED
I.E Exemption is granted only to the companies which satisfies all the 3 conditions
| FINANCIAL YEAR:2009-2010 | ||||
| APPLICABILITY OF CARO, 2003 | ||||
| Conditions: | Yes/No | |||
| Amt in Rs. | ||||
| 1 | Whether private limited company | Yes | Yes | |
| 2 | Paid-up capital and reserves do not exceed Rs. 50 lakh | Capital | 1000000 | |
| Reserves | 601620.54 | |||
| 1601620.54 | ||||
| Net worth | 1601621 | Yes | ||
| 3 | which doesn’t have loan outstanding | Term Loan | 1876180 | |
| exceeding Rs.25 from any bank or Fin instn | ||||
| 1876180 | Yes | |||
| 4 | Turnover does not exceed Rs. 5 crores | 44970627.81 | Yes | |
| All the conditions are fulfilled. Hence, provisions of CARO, 2003 are not applicable. | ||||
| at any point of time during the financial year, | ||||
| all the conditions stated in the order must be satisfied simultaneously. | ||||
| Conditions to be checked each year. | ||||
| Regards | ||||
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