Is caro 2016 applicable for private unlimited companies? Please reply.. Thanks in advance
8 Replies
CA V JAYAPRAKASH
(PROPRIETOR V JAYAPRAKASH & ASSOCIATES)
(32 Points)
Replied 26 October 2016
THE FOLLOWING PRIVATE LIMITED COMPANIES ARE EXEMPTED.
THE PAID UP CAPITAL AND RESERVES ARE LESS THAN FIFTY LAKHS
NO OUTSTANDING AMOUNT OF RS 25 LAKHS OR MORE FROM ANY FINANCIAL INSTITUTION
TURNOVER DOES NOT EXCEED FIVE CRORES AT ANY POINT OF TIME DUING THE FINANCIL YEAR.
mounica
(student)
(143 Points)
Replied 26 October 2016
That means caro is not exempt for private unlimited companies
Piyush
(Senior Audit Assistant)
(132 Points)
Replied 26 October 2016
The CARO 16 would be applicable for unlisted companies irrespective of the size of their paid up capital and reserves, turnover or borrowings.
Rohit jain
(Chartered Accountant)
(26 Points)
Replied 27 October 2016
Caro mandatory for public limited companies whether listed or unlisted
CA V JAYAPRAKASH
(PROPRIETOR V JAYAPRAKASH & ASSOCIATES)
(32 Points)
Replied 27 October 2016
FOR PRIVATE LIMITED COMPANIES THE ABOVE THREE POINTS WILL APPLY.
Rohit jain
(Chartered Accountant)
(26 Points)
Replied 27 October 2016
For all the types of private companies limits described above all valid. Since the exemption is allowed only for private companies falling under the limits.
Rohit jain
(Chartered Accountant)
(26 Points)
Replied 27 October 2016
moreover, the word private Companies includes all types of private corporation whether limited by shares, limited by guarantee or the unlimited co
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