IF the paid up capital of the company is 1.8 crore and
loan borrowing are 0.48 lacs and
turnover of the company is 0.50 lacs
Taking it to be the first year of operation company
is CARO applicable ?
4 Replies
CA Sripal Jain
(Associate Finance)
(709 Points)
Replied 02 July 2012
, CARO 2003 shall apply to all Companies (including foreing companies) subject to Following,
Insurance Companies, Banking Companies, Sec 25 companies and
Private Companies , 1 with paid up capital & reserves not more than 5000000
and 2 outstanding loan not exceeding rs. 1000000
and 3 turnover not exceeding Rs 50000000,
therefore CARO is applicable in your case as it satisfies all the three
regards
sripal jain
CA Sripal Jain
(Associate Finance)
(709 Points)
Replied 02 July 2012
, CARO 2003 shall apply to all Companies (including foreing companies) subject to Following,
Insurance Companies, Banking Companies, Sec 25 companies and
Private Companies , 1 with paid up capital & reserves not more than 5000000
and 2 outstanding loan not exceeding rs. 1000000
and 3 turnover not exceeding Rs 50000000,
therefore CARO is applicable in your case as it doesnt satisfy the last point turnover,but its satisfies first condition and second condition
regards
sripal jain
CA.Varalakshmi.M
(Manager-Finance)
(482 Points)
Replied 02 July 2012
outstanding loan not exceeding rs. 1000000 or 25 Lakh pls clarify
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