which are the sections to referred for cost audit purpose

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Shyamjith (Querist)
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19 March 2008 i like to know is it necessary to have cost audit every year..
is there any exemption for non conducting of cost audit.
which are the section i should refer for a detailed knowledge

CA Hemant T Dewani

CA Hemant T Dewani (Expert)
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19 March 2008 there is no provision in income tax act in excise ther is provision you will log on cbec site

R.V.RAO

R.V.RAO (Expert)
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19 March 2008 SEC 233B OF COS.ACT refers to cost audit.
209(1)(d) refers to cost records to be maintained by a company.
THERE IS NO EXEMPTION FROM COST AUDIT ONCE DECLARED BY GOVT. FOR A PARTICULAR INDUSTRY OR A COMPANY.
YOU HAVE TO SPECIFICALLY SEEK EXEMPTION BY PLEADING WITH THE MINISTRY OF COMPANY AFFAIRS AS TO WHY YOU COULD NOT COMPLY WITH COST AUDIT FOR THAT PARTICULAR YEAR.
every year the central govt. by order declares for what companies the cost audit to be conducted.every such notification is published in official gazette .
companies also get an order from the ministry of company affairs to get the cost audit done.
such details can also be found in icwai website or the monistry website.
R.V.RAO

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