How to Learn CARO, 2015 in just a minute 👇👇👇
We have to learn one line to learn each point of CARO , 2015.
Remember this key 🔑
FIL ID Code - SAD GUN
1. F : Fixed assets
2. I : Inventories
3. L : Loans u/s 189
4. I : internal control system
5. D : Deposited
6. Code : Cost records
7. S : Statutory dues
8. A : Accumulated Losses
9. D : Default of repayment
10. G : Guarantee for Loan
11. U : Usage of Term Loan
12. N : Noticed any fraud ? and its reporting ?
Exception to CARO,2015
Remember this way 👇
❗ BICOS-Private❗
B- bank co
I- Insurance co
C- Co u/s 8
O- Opc u/s 2(62)
S- Smal co u/s 2(85)
Private- private co.
All 3 condition must be fulfilled by private co for claiming exemption from CARO,2015
___
P L T
P- paid share cap+ res not more then 50 lakhs.
+
L - Loans O/s from banks and Fin institution not more then 25 laks.
+
T- Turnover not more than 5 crores at any time during py.