We are trading company, trading in iron ore & coal . During the previous year we had installed a WIND MILL POWER plant 1.25 MW.
Basic Comapany Business: Iron Ore /Coal Trading
Company- Private Limited Company
Gross Turnover for previous year -23 crores
Turnover from Wind Mill-10 Lacs (included in above)
Net Worth : 4 crores
Kindly advice me whether the cost audit compulsion apply to our case.
Cost audit is compulsory when direction is given by the Central govt in this behalf( u/s233B)
REFER NEW COST AUDIT RULES
Your company will have to appoint cost auditor for auditing the records related to windmill because total turnover of the company exceeds 20 crores. This is as per 2nd May Industry specific order.
CAclubindia
