CARO applicability

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CA Final
382 Points Posted on 05 January 2021

One of my clients turnover is more than Rs. 10 crs., paid up share capital is more than Rs. 1 cr. But it doesnt have any borrowings. Whether CARO provisions will be applicable to such private limited company?

 

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On 05 January 2021 at 12:38 Report
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This discussion clarifies the applicability of CARO 2020 to private limited companies. Even if a company has a turnover exceeding Rs 10 crores and paid-up share capital over Rs 1 crore, CARO provisions will apply, regardless of whether it has any borrowings. CARO 2020 has been effective since 1st April 2021.

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Chartered Accountant
24588 Points Posted on 05 January 2021
Yes caro 2020 will be applicable
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On 05 January 2021 at 12:43
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Consultant
1891 Points Posted on 05 January 2021

Yes it will be applicable. CARO 2020 has been made applicable from 1st April 2021

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On 05 January 2021 at 14:30

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