Cost audit applicability

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Amar (Querist)
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15 May 2013 Dear Experts,

Please confirm whether Cost Audit is applicable on Construction Companies if the net worth of the Company exceeds Rs. 5 crores for the FY 12-13 & 13-14 ?

Rahul Jain

Rahul Jain (Expert)
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15 May 2013 Dear Amar,

On Construction Industry only Cost Compliance is applicable since f/y 2011-12 onward.

The criteria is either of the following during immediate preceding f/y year:-

1) Net worth is more than 5 Cr.
2) Turnover exceeds 20 Cr.
3) Co is listed

Exemptions:-
1) If the company has not commenced ots operations during the f/y.
1) Company do only job work(without the use of own material).

Thanks
CMA Rahul Jain
rahuljain@jmsandco.in

Amar

Amar (Querist)
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15 May 2013 Thanks Rahul sir

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