Cost audit applicability
This query is : Resolved
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 ?
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
(Expert)
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
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
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