Caro 2003 - wrong answer in pcc nov. 11 rtp
This query is : Resolved
08 November 2011
Dear all,
pls. check Q.NO.15(a)in PCC NOV.11 RTP.
Answer is CARO IS APPLICABLE.
But i think CARO IS NOT APPLICABLE.
as there are 3 points for pvt. co.:
1. paidup cap+Reserve - 50 Lakh
2. Borrowing - 25 Lakh
3. Turnover - 5 Crore
But RTP SAYS:
1. paidup cap+Reserve - 50 Lakh
2. Borrowing - 10 Lakh
3. NOT ACCEPTED PUBLIC DEPOSITS
4. Turnover - 5 Crore
PLS. COMMENT.
THANKS
pls. check Q.NO.15(a)in PCC NOV.11 RTP.
Answer is CARO IS APPLICABLE.
But i think CARO IS NOT APPLICABLE.
as there are 3 points for pvt. co.:
1. paidup cap+Reserve - 50 Lakh
2. Borrowing - 25 Lakh
3. Turnover - 5 Crore
But RTP SAYS:
1. paidup cap+Reserve - 50 Lakh
2. Borrowing - 10 Lakh
3. NOT ACCEPTED PUBLIC DEPOSITS
4. Turnover - 5 Crore
PLS. COMMENT.
THANKS
08 November 2011
25 lakhs is correct limit for borrowing.
14 September 2012
The Order also exempts from its application a private limited company which fulfils all the following conditions:
(i) its paid-up capital and reserves are rupees fifty lakhs or less;
(ii) it has no outstanding loan exceeding rupees twenty five lakhs from any bank or financial institution; and
(iii) its turnover does not exceed rupees five crores at any point of time during the financial year.
A private limited company, in order to be exempt from the applicability of the Order, must satisfy all the conditions mentioned above cumulatively. In other words, even if one of the conditions is not satisfied, a private limited company’s auditor has to report on the matters specified in the Order.
(i) its paid-up capital and reserves are rupees fifty lakhs or less;
(ii) it has no outstanding loan exceeding rupees twenty five lakhs from any bank or financial institution; and
(iii) its turnover does not exceed rupees five crores at any point of time during the financial year.
A private limited company, in order to be exempt from the applicability of the Order, must satisfy all the conditions mentioned above cumulatively. In other words, even if one of the conditions is not satisfied, a private limited company’s auditor has to report on the matters specified in the Order.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- Should I report my US salary for January, February, March in Schedule FA?
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
