(cost accounting records) rules, 2011.
This query is : Resolved
02 December 2011
Sec 2(l)(ix) of the (Cost Accounting Records) Rules, 2011 says that (Cost Accounting Records) Rules, 2011 says-
(l) “Processing Activity” includes any act, process, procedure, function, operation, technique, treatment or method employed in relation to- constructing, reconstructing, reconditioning, repairing, servicing, refitting, finishing or demolishing of buildings or structures;
Does this mean construction companies have to maintain cost accounting records?
Moreover, ICWAI's 3rd FAQs posted on the Institute's website - Question 2 clarifies definition of Production overhead for site related activities not attracting excise duty. Does this imply application of the said Rules to construction Companies?
Requesting other professional friends to clarify ,please...
Thanks
(l) “Processing Activity” includes any act, process, procedure, function, operation, technique, treatment or method employed in relation to- constructing, reconstructing, reconditioning, repairing, servicing, refitting, finishing or demolishing of buildings or structures;
Does this mean construction companies have to maintain cost accounting records?
Moreover, ICWAI's 3rd FAQs posted on the Institute's website - Question 2 clarifies definition of Production overhead for site related activities not attracting excise duty. Does this imply application of the said Rules to construction Companies?
Requesting other professional friends to clarify ,please...
Thanks
03 December 2011
please refer this circular
https://www.caclubindia.com/news/cost-accounting-records-and-cost-audit-clarifications-about-coverage-of-certain-sectors-thereunder-10667.asp
https://www.caclubindia.com/news/cost-accounting-records-and-cost-audit-clarifications-about-coverage-of-certain-sectors-thereunder-10667.asp
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