Quick revision of Companies Audit Report Order (CARO by) Carocks.
Not applicable to :
1. Banking Company
2. Insurance Company
3. Company under Section 25
4. Private Limited Company, at all the times during year whose -
(a) Paid up Capital + Reserves less than or equal to 50 lakh; and
(b) Loan o/s less than or equal to 25 lakh: and
(c) Turnover is less than or equal to 5 core rupees
Turnover (Sale of goods & services both
1. Trade Discount should be deducted
2. Sales Tax Excise duty should be deducted from turnover if credited separately to such A/c
3. Sales returns should be deducted (even if it is from prior years)
4. Commission to IIIrd parties not to be deducted from turnover
Reserve
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