Caro applicability
Ami Tatariya (In service) (29 Points)
15 November 2014Ami Tatariya (In service) (29 Points)
15 November 2014
ABHINAV SHUKLA
(CA-Final)
(203 Points)
Replied 15 November 2014
Dear Ami G
Following are the condition for Applicablity of Caro 2003
Governing Law - ‘The Companies Act, 1956’ (‘Act’) & Companies Audit report order 2003
Applicability of CARO 2003 –
• CARO is applicable to all companies including foreign companies
• CARO is also applicable to Branch(es) of company
Following company are exempted from CARO
• Banking, Insurance and Section 25 companies
• And Incase of A private limited company:
• With a paid up Share capital and reserves of less than Rs 50 lacs
• Does not have any loans outstanding more than Rs 25 lacs from
any banks or Financial Institutions
• Does not have turnover exceeding Rs 5 crores
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