As per clause xvi of CARO auditor has to report on use of Term Loan. Whether OD limit would be included within the meaning of term loan
As per clause xvi of CARO auditor has to report on use of Term Loan. Whether OD limit would be included within the meaning of term loan
Dear Jain,
OD cannot be included in Term Loan
Term Loan means a Fixed Amount/Loan which is borrowed for a fixed period/term..
OD cannot be included in Term Loan
We have to only report use of Term Loan & not the Over Draft.
"Over Draft" is just a arrengement for short period with the bank & is dfferent form "Term Loan". Term Loan is mostly for a longer period & for a specific purpose.
Thanks
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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CAclubindia
