a private co. having paid up share capital rs 49 lac + reserves 10 lac and turnover 3 crore. whether CARO 2015 is applicable.
is the above co. come under the definition of small co clause 85 of sec 2 ?
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CARO 2015
Replies (4)
CARO is applicable if Paidup Capital + Reserve exceeds Rs. 50 Lakh
Under section 2 (85) of the Companies Act, 2013 a Small Company means a company other than a Public Company that satisfies either of the following conditions: Paid-up share capital which does not exceed 50 lac rupees or such higher amount as may be prescribed which shall not be more than 5 crore rupees
So company is private company & paid up capital is less than 50 lakhs. Hence your company is small company.
Since your company is small company, CARO will be applicable only when your company outstanding loan crosses the stipulated limit of Rs 25 lakhs.
the limit of rs 50 lac check during the current F.Y or as per last F.Y.
In calculation Reserve shall also be considered in the given case paidup capital + Reserve exceeded Rs. 50L, hence it should be applicable
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