Vrishabh Nagrani (Article-Trainee) (20 Points)
04 August 2016Please help me with applicability of CARO 2016 on private companies.I see three conditions for non applicability of CARO on private companies.If my company satisfies both conditions of borrowing and turnover but does not satisfy share capital of more than 1 crore.Is it required to prepare CARO report?
CS CMA Rakesh Chandola
(MBA & Final (CA,LLB))
(88 Points)
Replied 04 August 2016
Yes, For non applicability all of three CARO, 2016 conditions must be satisfied..
If any of three conditions not satisfy, then CARO will be applicable..
So in your case ,(Paid up capital+reserve) exceed 1 crore, CARO 2016 is applicable...
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