According to SEC-209(1)(D) of the company Act 1956, 44 products are their in Cost Accounting Record Rules. But can any one mention on which product catagory manufactur of boiler, pressure part, technological structure used for power plant are coming under.
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Cost audit
Replies (15)
you can categorise them in ELECTRONICS
U May follow this link here in details of Products catgeoris as per list of Products Industries and the Products covered under Section 209(1) (D) of Comapny Act 1956,
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i also followed that link Mr saroj, but could not find about the product which i mentioned. please can you specify the product catagory
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i think, it will be electronic item.
Is it comes under Engineering industry
Dear Sudatta,
I am sure it will be categorise in the Electronics only....
Dear Anjali,
Categories have been changed as there are lot of new notifications regarding Cosr Audit,...
Boilers are covered under CETA Chapter Heading 84 as now thw applicability criteria is chapter head wise ......
And pressure part may cm in engineering products.........
Please find the enclosed excel file for more clarification......
Ya rahul..its correct..i got the ans.
Dear Rahul,
If company's turn over is more than 100 Cr in year 2011-12, then is it compulsory to do cost audit for the year 2011-12 or cost audit will made for 2012-13.
Cost Audit is applicable w.e.f. FY 2012-13 but Cost Accounting Record Rules,2011 are applicable from FY 2011-12 onwards to:
any COMPANY engaged in production, processing, manufacturing or mining,
having Turnover of Rs.20crores in immediately preceding FY
OR
Net Worth of Rs.5.00Crores as on the last day of immediately preceding FY
OR
listed or about to be listed in any of the stock exchange.
They are required to Maintain Cost Records with effect from 01-04-2011 and Compliance report FROM COST ACCOUNTANT to be submitted to Govt of India within 180days from the close of FY to which Compliance report relates, i.e., by 27th September for FY closing on 31st March. But the same has been extended upto 31-12-2012 for FY 2011-12 as the Compliance Report is to be filed in XBRL format.
Please also note;
Cost Auditor (COST ACCOUNTANT IN PRACTICE) is to be appointed (by filing the requisite form with MCA) within 90days of start of the financial year or date of Cost Audit Order, for which Cost Audit is applicable failing which Penal Fees is to be paid.
They need to get the Cost Audit conducted by a COST ACCOUNTANT IN PRACTICE and Audit report is to be submitted to Govt of India within 180days from the close of FY to which Cost Audit relates, i.e., by 27th September for FY closing on 31st March. But the same has been extended upto 31-12-2012 for FY 2011-12 as the Cost Audit Report is to be filed in XBRL format for which required taxonomy is yet to be released by GOI.
Normal Application Fees Payable for filing the form for Cost Auditor Appointment:
|
Amount of Fees to be paid |
Rupees |
|
By a Company having Authorised Share Capital of:- |
|
|
(a) Less than Rs. 25Lacs |
500 |
|
(b) Rs.25Lacs or more but less than Rs.5 Crores |
1000 |
|
(c) Rs. 5 Crores or more |
2000 |
Extra Fees Payable:
|
Period of Delay |
Fee Payable with Application |
|
Upto 30 days |
Two times of normal fee |
|
More than 30 days and upto 60 days |
Four times of normal fee |
|
More than 60 days and upto 90 days |
Six times of normal fee |
|
More than 90 days |
Nine times of normal fee |
Regards,
CMA Ajay Jaisingh
M.Com, ACMA
CMA Ajay Jaisingh
M.Com, ACMA
Ajay Jaisingh & Associates II Cost Accountants in Practice II
Office: 1204, "MATRIX", B/H Divya Bhaskar House, Nr. Vodafone House, Prahladnagar Corporate Road, Off S G Highway, Ahmedabad-380051.
Mobile: +91-9825895971 II Email: jaisingh.ajay @ gmail.com II
What is cost audit order number? And in the Form-23 C (Form of application to the Central Government for appointment of Cost Auditor), in the third point 3(a) Category of Cost Audit Order, there are 2 options 1.Company Specific order 2. Industry wise general order.In the first point company specific order, it is written that, it can not be selected in respect of Financial years starting on or after 01.04.2012. so my question is to, if a company commenced its business in 2005-06 and in the financial year 2011-12, it exceeded the turn over limit 100 crore, then which point we wil refer for catagory of cost audit order. 1.Company Specific order 2. Industry wise general order
Cost Audit Order No.52/26/CAB-2010 dtd. 24-01-2012 & select Industry wise general order
Regards,
CMA Ajay Jaisingh
M.Com, ACMA
CMA Ajay Jaisingh
M.Com, ACMA
Ajay Jaisingh & Associates II Cost Accountants in Practice II
Office: 1204, "MATRIX", B/H Divya Bhaskar House, Nr. Vodafone House, Prahladnagar Corporate Road, Off S G Highway, Ahmedabad-380051.
Mobile: +91-9825895971 II Email: jaisingh.ajay @ gmail.com II
can u some one tell me, if my company cross the turn over limit of 100 crore in financial year 2011-12, then..for financial 2011-12, cost compliance report will be submitted or not
Dear Suddata,
Criteria is turnover of the previous year/new worth as on last day of the previos year......
Criteria for 2011-12 Compliance is turnover for the year 2010-11 and turnover limit is 20 Cr.
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