Last date for appointing the cost auditor was 29th June 2012.
Procedure for appintment:-
1) Pass a board resolution for appointment of cost auditor.
2) Take letter of disqualification and arm's lenght relationship from Cost Auditor.
3) After taking both the letters file the form 23 C on MCA,stating appointment of Cost Auditor.
4) If within one month govt doesnt have any query then its deemed appointment.
5) Issue an letter of appointment to Cost Auditor for Appointment.
6) After receiving the appoitment letter Cost Auditor will file form 23 D regardding confirmation to govt.
Regarding Penalties its now :-
Period of Delay Fee Payable with the application Form 23 C
Up to 30 Days Two times t normal fee
More tha 30 & less than 60 Four times t normal fee
More tha 60 & less than 90 Six times t normal fee
More than 90 Days Nine times t normal fee
Its b/w Rs 500 to 200 depending upon company to Company...
Please let me know in case of any other clarifications:-
Thanks and Regards:-
CMA Rahul Jain
E-Mail:- rahuljain @ jmsandco.in