Articles by CMA Navneet Kr Jain
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Corporate Laws (Amendment) Bill 2026: CFOs & Directors Face Increased Accountability on Cost Audit
Explore the key amendments to Section 148 under the Corporate Laws (Amendment) Bill 2026, highlighting increased accountability for CFOs, MDs, and WTDs in cost records and audit, introduction of cost accounting standards, and enhanced governance over cost data for better policy decision-making.
Inventory Valuation 2026: Key Precautions & Tax Rules
Understand crucial inventory valuation precautions for March 31, 2026. Learn about Income Tax Act 2025, Section 277, and Form 101 requirements.
GSTAT- Procedural Framework and Legal Provisions Governing GST Appeals
Recently, the government initiated a few actions to ensure the operationalisation of the GSTAT mechanism. Now the Goods and Services Tax Appellate Tribunal (Procedure) Rules, 2025 (GSTATPR) have been released.
Show Cause Notices Issued by MCA for Non-Compliance with Cost Audit Provisions & Handling of Such Notices
The Ministry of Corporate Affairs has recently issued a number of notices to various companies for not complying with the various provision under section 148 of the Companies Act 2013 primarily for non filing of cost audit reports
Cost Audit and Cost Records Applicability 2024-25 & Non Compliance attracting Show Cause Notices
Simple way of checking the applicability of Section 148 with regard to applicability of maintenance of Cost records or cost audit for 2024-25 is to review the financials of 2023-24 &Check the Total turnover of the Company
Delay in complying with timelines relating to Cost Audit 2023-24 to be informed to MCA by Cost Auditors
Recently, MCA issued various notices after reviewing the cost audit reports, and now ICMAI has come up with an advisory, which we need to follow. We request that you ensure the accuracy of the data, the timely completion of the data, and the filing of the cost audit report.
Cost Audit and Cost Records Applicability 2022-23
Through this article, we have tried to answer most of queries which a company can have with regard to cost records applicability or cost audit.
Promoters and Board of Director's New Focus: Inventory Valuation under Income Tax
The Central Board of Direct Taxes under the Department of Revenue, Ministry of Finance, Government of India on 27th Sep 2023 notified the Form 6D for Inventory Valuation. The budget 2023 brought in provision with regard to the Inventory Valuation by Cost Accountants on the directions from the Income Tax Department under section 142(2A).
Notices issued for Non-Maintenance of Cost Records u/s 148 of Companies Act
Ministry of Corporate Affairs, Government of India has notified the amendment in the Companies (Accounts) Rules, 2014 which mandates the directors to report on requirement and the maintenance of cost records under section 148 of the Companies Act 2013.
Issue of notices and Review of Cost Audit Reports by MCA: A warning signal for Auditors and Directors
The government has started relying on the professional and has given certain certification powers to the professionals who are being regulated by the professional Institutes.
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