Caro

This query is : Resolved

LALA KRISHNA REDDY (Querist)
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10 September 2013 is CARO applicable to private limited company if all three conditions should be satisfied or any of the one should be satisfied?.

Ganeshbabu K

Ganeshbabu K (Expert)
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11 September 2013 All conditions are mandatory for applying caro
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A private limited company which satisfies the following conditions :

(a) Its paid up capital and reserves do not exceed Rs.50 lacs;

(b) It has not accepted any public deposits;

(c) Its turnover does not exceed Rs.5 crores; and

(d) Its outstanding loan from any bank or financial institution does not exceed Rs.10 lacs.

If any of the above conditions are not satisfied, the above order will apply to the private limited company.

CA Pallav Singhania

CA Pallav Singhania (Expert)
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11 September 2013 Agree with expert...

But check your Point no. D..
its been increased from 10 lacs to 25 lacs..

CARO will not be applicable --> when the following conditions are satisfied.

a) Paid up capital + Reserves are not more than Rs.50 Lakhs
b) Loan outstanding from bank of financial institution is not more than Rs.25. Lakhs

c) Turnover does not exceed Rs.5 Crores

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Ganeshbabu K

Ganeshbabu K (Expert)
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13 September 2013 Yes,, in point d it is 25 lakhs,,

Thanks

Ganeshbabu K

Ganeshbabu K (Expert)
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13 September 2013 Yes,, in point d it is 25 lakhs,,

Thanks