Hi friends
Whether the Cost Audit is applicable to auto component industries? ( Iron casting and pattern sales) If the turnover exceeds 50 crores, appointment of cost auditor is mandatory?
Regards
Kavitha
2 Replies
sivaram
(Asst Mgr-Taxation)
(6918 Points)
Replied 08 December 2011
Kavitha
cost audit is mandatory for auto component industry .but since The turnover is not exceeding 100 crores it is exempt from cost audit.But if Your organisation shares are listed on stock exchange or in the process of getting itself listed on stock exchange then cost audit is mandatory .Kindly note mainteance of cost records has been made mandatory for all Industries including service industry with effect 1.4.2011
CMA BHUSHAN PAGERE
(CMA)
(21 Points)
Replied 31 January 2015
Hi... I am working with Automobile component manufacturing company, our turnover is arount 360 crores, but chapter heading is not cover in the list. Please let me know whether cost audit is applicable to our organization.
Thanks
ACMA Bhushan U Pagere
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