Dear cmas please anwer this ( cost audit rules 2014)
This query is : Resolved
11 January 2015
“MCA issues amended Companies (Cost Records and Audit) Rules 2014” -
how does these rules affect a steel manufacturing company. What new had to be done on their part. what additional recorded have to be maintained ?
how does these rules affect a steel manufacturing company. What new had to be done on their part. what additional recorded have to be maintained ?
11 January 2015
Steel falls under unregulated sector (CETA heading - 7201 to 7229, 7301 to 7326)
For Non - Regulated Sector:
Maintenance of Cost records – 35 crores
Cost audit - 100 crores
# Major changes in reporting pattern. Cost audit report in 4 parts
Part – A – General information
Part – B – For Manufacturing sector
Part – C – For Service sector
Part – D - Product and Service profitability (For audited products and Services)
# Abridged cost statement is to be prepared for each product with CETA heading separately.
# Where there is any significant variation in current year’s figures over the previous year under each Para of Annexure to Cost audit report reasons thereof shall be given by the Cost auditor.
Check out complete notification from link given below:
https://www.mca.gov.in/Ministry/pdf/Amendment_Rules_01012014.pdf
For Non - Regulated Sector:
Maintenance of Cost records – 35 crores
Cost audit - 100 crores
# Major changes in reporting pattern. Cost audit report in 4 parts
Part – A – General information
Part – B – For Manufacturing sector
Part – C – For Service sector
Part – D - Product and Service profitability (For audited products and Services)
# Abridged cost statement is to be prepared for each product with CETA heading separately.
# Where there is any significant variation in current year’s figures over the previous year under each Para of Annexure to Cost audit report reasons thereof shall be given by the Cost auditor.
Check out complete notification from link given below:
https://www.mca.gov.in/Ministry/pdf/Amendment_Rules_01012014.pdf
Message likes :
1 times
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
- CLOSING STOCK QUERY
- ITR-Capital Gain
- Gst on travel by air for business purposes
- GST ISD Query on various AMCs
- Short Term Gain Reporting ITR
- DUE DATE FOR ITR FILING
- TDS on rent received on hardship compensation being rent on redevelopment of building
- Error in uploading Form 10BD
- Query regarding TDS on EPFO Higher Pension Arrears- under wrong section
- Taxation on Old jewellery sold
- 44AD, 44ADA business details
- PF wage ceiling
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
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
