Cost audit compliance.
This query is : Resolved
CS Surendra
(Querist)
27 August 2012
Dear Members,
I have a query related to Cost Audit Compliance:
We are a real estate company, engaged in the business selling of properties. We generally hire outside firms and contractors to execute our projects and which they handover to us to sell the same. Neither have we employed any material, labour nor overheads.
We pay to these contractor firms sum equal to their construction cost + their margin. Since we are not employing any material, labour and overhead expenses, we don’t have any costing records related to these constructions. It all lies with these contractor firms.
Does our company cover under cost audit compliance? If not …
How can we claim exemption for these?
Your co-operation will be greatly appreciated.
Thanklng you.
I have a query related to Cost Audit Compliance:
We are a real estate company, engaged in the business selling of properties. We generally hire outside firms and contractors to execute our projects and which they handover to us to sell the same. Neither have we employed any material, labour nor overheads.
We pay to these contractor firms sum equal to their construction cost + their margin. Since we are not employing any material, labour and overhead expenses, we don’t have any costing records related to these constructions. It all lies with these contractor firms.
Does our company cover under cost audit compliance? If not …
How can we claim exemption for these?
Your co-operation will be greatly appreciated.
Thanklng you.
Rahul Jain
(Expert)
17 September 2012
no in my opinion............
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- EPF ECR NEW FILE SEP 17TH 2026
- TDS Challan - change of FY 2025-26 to TY 2026-27
- Gst registered proprietorship firm
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- Capitalgain tax purposes for valuation report compulsory
- TDS on purchase of under construction property from a reseller
- SALARY CAN BE CAPITALIZE
- Non filing of I T Returns
- GST Intimation due to Government took possession of Business Premises under PPE Act
- TDS on Fixed Assets purchased
- Under marginal scheme
- Import of Software Service.
- Clarification Requested: Gift → NRO → NRE → Overseas Transfer - USA/CANDA (FEMA & Tax Compliance)
- GST on Renting godown to KFCSC for Storage of Raagi
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
