Cost audit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 December 2013
What is the current cost audit turnover limit?
17 December 2013
The answer is already been explained in the related topic.
Please visit:
https://www.caclubindia.com/articles/all-about-cost-audit-and-compliance-report-15891.asp#.UrB7LGbxuUk
and
http://icmai.in/upload/carr-car/section-3/Sec3-Order-06Nov.pdf
for new provision which are yet to be notified you might also visit:
http://ncbfeedback.mca.gov.in/Cost_Rules_Modified_18-11-13_on_discussion_of_CAB_Officers.pdf
Please visit:
https://www.caclubindia.com/articles/all-about-cost-audit-and-compliance-report-15891.asp#.UrB7LGbxuUk
and
http://icmai.in/upload/carr-car/section-3/Sec3-Order-06Nov.pdf
for new provision which are yet to be notified you might also visit:
http://ncbfeedback.mca.gov.in/Cost_Rules_Modified_18-11-13_on_discussion_of_CAB_Officers.pdf
20 July 2024
As of my last update, the turnover limit for mandatory cost audit in India under the Companies (Cost Records and Audit) Rules, 2021 is as follows:
1. **Manufacturing Companies:** If the aggregate value of net worth as on the last date of the immediately preceding financial year exceeds Rs. 5 crore, or
- If the aggregate value of the turnover from the sale or supply of goods or services or both exceeds Rs. 20 crore in the immediately preceding financial year.
2. **Other Companies:** If the aggregate value of the turnover from the sale or supply of goods or services or both exceeds Rs. 100 crore in the immediately preceding financial year.
These turnover limits are specified under Rule 3 of the Companies (Cost Records and Audit) Rules, 2021, which were notified by the Ministry of Corporate Affairs (MCA).
However, it's essential to verify with the latest notifications or amendments from the Ministry of Corporate Affairs or consult with a professional for the most current turnover limits, as they can be subject to change based on regulatory updates.
1. **Manufacturing Companies:** If the aggregate value of net worth as on the last date of the immediately preceding financial year exceeds Rs. 5 crore, or
- If the aggregate value of the turnover from the sale or supply of goods or services or both exceeds Rs. 20 crore in the immediately preceding financial year.
2. **Other Companies:** If the aggregate value of the turnover from the sale or supply of goods or services or both exceeds Rs. 100 crore in the immediately preceding financial year.
These turnover limits are specified under Rule 3 of the Companies (Cost Records and Audit) Rules, 2021, which were notified by the Ministry of Corporate Affairs (MCA).
However, it's essential to verify with the latest notifications or amendments from the Ministry of Corporate Affairs or consult with a professional for the most current turnover limits, as they can be subject to change based on regulatory updates.
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