which are the sections to referred for cost audit purpose
This query is : Resolved
19 March 2008
i like to know is it necessary to have cost audit every year..
is there any exemption for non conducting of cost audit.
which are the section i should refer for a detailed knowledge
is there any exemption for non conducting of cost audit.
which are the section i should refer for a detailed knowledge
19 March 2008
Cost audit is necessary only to those companies where central govt in its official gazzette mentions certain categories of co.s and several products for which cost audit will become necessary.Refer cost audit rules available in ICWAI web site
19 March 2008
SEC 233B OF COS.ACT refers to cost audit.
209(1)(d) refers to cost records to be maintained by a company.
THERE IS NO EXEMPTION FROM COST AUDIT ONCE DECLARED BY GOVT. FOR A PARTICULAR INDUSTRY OR A COMPANY.
YOU HAVE TO SPECIFICALLY SEEK EXEMPTION BY PLEADING WITH THE MINISTRY OF COMPANY AFFAIRS AS TO WHY YOU COULD NOT COMPLY WITH COST AUDIT FOR THAT PARTICULAR YEAR.
every year the central govt. by order declares for what companies the cost audit to be conducted.every such notification is published in official gazette .
companies also get an order from the ministry of company affairs to get the cost audit done.
such details can also be found in icwai website or the monistry website.
R.V.RAO
209(1)(d) refers to cost records to be maintained by a company.
THERE IS NO EXEMPTION FROM COST AUDIT ONCE DECLARED BY GOVT. FOR A PARTICULAR INDUSTRY OR A COMPANY.
YOU HAVE TO SPECIFICALLY SEEK EXEMPTION BY PLEADING WITH THE MINISTRY OF COMPANY AFFAIRS AS TO WHY YOU COULD NOT COMPLY WITH COST AUDIT FOR THAT PARTICULAR YEAR.
every year the central govt. by order declares for what companies the cost audit to be conducted.every such notification is published in official gazette .
companies also get an order from the ministry of company affairs to get the cost audit done.
such details can also be found in icwai website or the monistry website.
R.V.RAO
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Donation Receipt u/s 80G
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
Trending Online Classes
CAclubindia
