which are the sections to referred for cost audit purpose
This query is : Resolved
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
is there any exemption for non conducting of cost audit.
which are the section i should refer for a detailed knowledge
19 March 2008
Cost audit is necessary only to those companies where central govt in its official gazzette mentions certain categories of co.s and several products for which cost audit will become necessary.Refer cost audit rules available in ICWAI web site
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
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
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
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Transfer of Physical Stock Between Two Proprietorship Concerns
- MSME disclosure and disallowance
- Taxation of crypto futures in India Fy 2026- 2027
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- 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
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
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
