Articles by CMA Navneet Kr Jain

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Notices issued for Non-Maintenance of Cost Records u/s 148 of Companies Act

CMA Navneet Kr Jain 20 March 2023 at 09:10

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.

Posted in Corporate Law | 11103 Views

Issue of notices and Review of Cost Audit Reports by MCA: A warning signal for Auditors and Directors

CMA Navneet Kr Jain 14 October 2022 at 08:56

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.

Posted in Audit | 2 comments | 6426 Views

Notices for non-appointment of Cost Auditors for 2017-18 being issued by Cost Audit Branch of MCA

CMA Navneet Kr Jain 17 May 2022 at 15:46

Though Companies Act mandated the maintenance of Cost Records and Cost Audit for companies fulfilling certain criteria, however, the companies used to ignore the mandate by simply mentioning in the Director's Report and CARO report that Section 148 is not applicable.

Posted in Audit | 3 comments | 4863 Views

Cost Audit and Cost Records Applicability 2022-23

CMA Navneet Kr Jain 02 May 2022 at 09:04

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.

Posted in Audit | 1 comments | 83376 Views

CGST department likely to commence Scrutiny of GST returns for 2017-18 and 2018-19

CMA Navneet Kr Jain 23 March 2022 at 10:39

The CGST department was gearing up all these years and providing training to its officials to undertake GST scrutinies in a professional way and now it has come up with Standard Operating Procedure.

Posted in GST | 1 comments | 28245 Views

How to understand the budget in simplest way: Contents of Annual Union Budget

CMA Navneet Kr Jain 31 January 2022 at 09:03

Through this note, an attempt has been made so that the readers could understand the overall structure of the Budget documents and areas one should immediately focus as finance/accounts/tax/costing person or as an economist.

Posted in Union Budget | 1 comments | 4785 Views

Preliminary Notices for non-appointment of Cost auditors being issued by MCA

CMA Navneet Kr Jain 03 December 2021 at 09:53

It is important to note that the non-compliance is identified at the earliest by the management itself and appoint the cost auditors before the they receive the notice from the MCA.

Posted in Audit | 1653 Views

Scrutiny of GST Data Begins and GST Department Steps up The Heat On The Assessees

CMA Navneet Kr Jain 15 July 2021 at 09:13

Communication regarding Scrutiny of GST Data reads as - "GST scrutiny issues communicated by EIU for the period 2017-18 is forwarded herewith (find attachment) for your information.'

Posted in GST | 1 comments | 19110 Views

GST Era & Cost Records and Cost Audit Applicability on the basis of HSN

CMA Navneet Kr Jain 18 June 2021 at 17:42

The pandemic has brought the focus on the importance of cost management of resources. In this article, we have answered queries which a company can have with regard to cost records applicability, or cost audit.

Posted in GST | 7836 Views

IT Department sends partly faulty communication specifying High Value Information

CMA Navneet Kr Jain 30 March 2021 at 15:05

The income Tax department sends communications specifying High Value Information and seeks further information however communications seem to be partially faulty.

Posted in Income Tax | 21 comments | 28395 Views