Concept of rotation of auditor is applicable to which companies.
Is there is any change in limits of paid up capital of private companies which is applicable for may 2018.
it is 20cr or 50cr ??????
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Section 139(2)
Replies (3)
company would be required to mandatorily rotate its auditors in accordance with the Act:
listed companies;
unlisted public companies having a paid-up share capital of INR 10 crores or more;
all private limited companies having a paid-up share capital of INR 20 crores or more; and
all companies (private and public) which do not meet the thresholds mentioned in (ii) and (iii) above, but have public borrowings from banks / financial institutions or public deposits of more than INR 50 crores.
20 cr amended in place of 50 cr from 22june 2017 by notification
listed companies;
unlisted public companies having a paid-up share capital of INR 10 crores or more;
all private limited companies having a paid-up share capital of INR 20 crores or more; and
all companies (private and public) which do not meet the thresholds mentioned in (ii) and (iii) above, but have public borrowings from banks / financial institutions or public deposits of more than INR 50 crores.
20 cr amended in place of 50 cr from 22june 2017 by notification
thanks
Now limit of pvt ltd co is 50 cr in place of 20 cr.
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