We are the manufacturing company of Fabrics, and various counts of Yarn. The turnover for the year 2010-11 is around 46 Crore and for the year 2011-12 it is around 37 Crore and for the last year (i.e., 2012-13) it is 48 Crores.
Under which category we have to make compliance? Whether to file Cost Audit Report or Cost Compliance Report. What are the eligibility criteria applicable for our concern.
09 November 2013
On fabrics, cost audit is applicable when any one of the following 3 criteria satisfied. 1. Total Turnover from operations exceeds 100 crores . Or, 2. Networth exceeds 5 crores,Or, 3. the company is a listed. Please check the above conditions too. Also pls note that fabric was covered under the cost audit order dated 24 Jan 2012. and hence your company will come under cost audit from April 2012 and audit/complaince will be applicable from FY 2012-13 onwards.
CAclubindia
