CA Birendra Jha

Required Accountant having 1-3 years experience.

Visited Vaishno Devi Temple

MCA has vide notification dated 15th September 2022, revised the criteria for small company by increasing paid up capital limit to Rs. 4 crore and Turnover limit to Rs. 40 crore. The following practical issues that arise in compliance of CARO 2020 for the Financial Year 2021-22:

(a) If audit report for FY 2021-22 is being signed after 15-09-22 than whether exemption from CARO due to complying with new small company definition available?

(b) If a company qualifies to be small company however borrowing exceeds Rs. 1 crore, whether it is exempted from CARO?

Reduction of time limit for verification of income tax return from within 120days to 30 days....