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Caro 2016 reporting

Mattam & Associates (36 Points)

20 August 2020

a private limited company paid up capital 2 crore and reserves and surplus -2.10 crore. Is caro 2016 applicable to such company?

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Sagar Patel (Tax and Business Consultant) (11611 Points)
Replied 20 August 2020

CARO not applicable to a Pvt. Ltd. having
1. A paid up capital and reserves and surplus not more than 1 Crore and
2. Total borrowings not more than 1 crore from any bank or financial institution and
3. Total revenue not more 10 crores during the financial year.
If all this three conditions satisfied, than CARO, 16 not applicable.

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Mattam & Associates (36 Points)
Replied 20 August 2020

2nd and 3rd conditions satisfied. I want to know while checking the first condition paid up share capital and reserves considered individually or in aggregate value.

Sagar Patel (Tax and Business Consultant) (11611 Points)
Replied 20 August 2020

It's Aggregate, Paid up capital and reserves and surplus
CARO not applicable in your case.

1 Like

Mattam & Associates (36 Points)
Replied 20 August 2020

Thank you sir

Sagar Patel (Tax and Business Consultant) (11611 Points)
Replied 23 August 2020

Most welcome......

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