Quick revision of caro- really helpful

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 III^rd parties not to be deducted from turnover

Reserve

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