If a Private Ltd. Company accepts unsecured loan from other than directors or shareholders, can it be considered as Public Deposits and accordingly Caro is applicable or not.
Please immediate reply, urgent
Menu
Caro applicability
Replies (1)
The Pvt. Ltd. Companies cannot legally raise public deposits and hence the clause has been omitted vide CARO (Amendment), 2004
Accordingly a private limited company with a paid up capital and reserves not more than rupees fifty lakh and which does not have loan outstanding exceeding rupees twenty five lakh from any bank or financial institution and does not have a turnover exceeding rupees five crore at any point of time during the financial year are exempted from CARO
Recent Topic
- Set off of LTCL against STCG under section 536(2n)
- Audit Workflow tool
- Is CA through direct entry easy for a commerce stu
- Dividend and withholding tax - DTAA- RSU
- NRI Query: Capital Gains Tax Exemption under Secti
- Royalty payment to UK
- Calculate ITR2 tax with equity and non equity prof
- LTCG on residential property sale - Rebate?
- TDS MISMATCH AND AIS
- Return filing for intervening period upto date of
Related Topics
CAclubindia
