Is caro 2016 applicable for private unlimited companies? Please reply.. Thanks in advance
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Caro 2016
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THE FOLLOWING PRIVATE LIMITED COMPANIES ARE EXEMPTED.
THE PAID UP CAPITAL AND RESERVES ARE LESS THAN FIFTY LAKHS
NO OUTSTANDING AMOUNT OF RS 25 LAKHS OR MORE FROM ANY FINANCIAL INSTITUTION
TURNOVER DOES NOT EXCEED FIVE CRORES AT ANY POINT OF TIME DUING THE FINANCIL YEAR.
That means caro is not exempt for private unlimited companies
The CARO 16 would be applicable for unlisted companies irrespective of the size of their paid up capital and reserves, turnover or borrowings.
Caro mandatory for public limited companies whether listed or unlisted
Doubt is about private unlimited companies
FOR PRIVATE LIMITED COMPANIES THE ABOVE THREE POINTS WILL APPLY.
For all the types of private companies limits described above all valid. Since the exemption is allowed only for private companies falling under the limits.
moreover, the word private Companies includes all types of private corporation whether limited by shares, limited by guarantee or the unlimited co
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