1. One Person company as defined under section 2(62) of the 2013 Act
2. It is a Dormant Company as per Section of the Companies Act, 2013
3. It is a Small Company as defined under Section 2(85) of Companies Act, 2013. Here Small Company means a company who’s paid up capital is less than 50 Lacs and has turnover less than 2 Crores during the Financial Year. But such exemptions are not available to Subsidiary of a Holding company which has applicability to mandatory preparation of CFS.
Companies not covered under CARO 2016
1. Banking Companies as defined under section 5(c) of the Banking Regulation Act, 1949
2. Insurance Company as defined under the Insurance Act, 1938
3. Companies Incorporated with Charitable objects etc, i.e. companies licensed to operate under section 8 of Act 2013
4. One Person company as defined under section 2(62) of the 2013 Act
5. Small Company as defined under 2(85) of the 2013 Act
6. Private company not being a holding or a subsidiary company of a public company:-
b. Small Companies
c. It has a turnover of less than INR 50 crore as per the latest audited financial statements Or
In short, any company which does not fall in the above criteria, then the relevant provision would be applicable to that Company.
Please refer all the relevant section, rules, notifications, amendments as applicable. The Author is not responsible for any losses incurred. Content is merely for sharing knowledge. Author can be reached at [email protected] or 9819244185