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Caro 2016 reporting

20 August 2020

a private limited company paid up capital 2 crore and reserves and surplus -2.10 crore. Is caro 2016 applicable to such company?

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Sagar Patel (Tax and Business Consultant) (11611 Points)
Replied 20 August 2020

CARO not applicable to a Pvt. Ltd. having
1. A paid up capital and reserves and surplus not more than 1 Crore and
2. Total borrowings not more than 1 crore from any bank or financial institution and
3. Total revenue not more 10 crores during the financial year.
If all this three conditions satisfied, than CARO, 16 not applicable.

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Mattam & Associates (36 Points)
Replied 20 August 2020

2nd and 3rd conditions satisfied. I want to know while checking the first condition paid up share capital and reserves considered individually or in aggregate value.