Dear All,
Whether Cost Audit as well as Cost Records is applicable on Company which is trading solely by importing Steel having turnover more than 350 cr
Menu
Cost audit
Replies (5)
Go through Cost Records and Audit Rules 2014.
They have clearly mentioned the rules for applicability of rules for maintenance of Cost Records and Audit thereof.
still unclear
check whether the principal activity of the company falls under the table provided in rule 3 or not..
Dear Gaurav,
Yes, Maintenance of cost records and Cost Audit is required in your case as per Rule 3 and Rule 4 of the companies( cost Records & Audit ) Rules, 2014. Steel Industry falls under Non regulated Sector and the turnover exceeds the prescribed limit of 35 Crore or more. Cost records to be maintained in form CRA-1. Also Check for exemptions under Rule 4(3).
Hope your doubt would be clear.
NOT APPLICABLE ON STEEL INDUSTRY IF IT IS TRADING BUSINESS... ONLY MANUFACTURING OF STEEL RELATED PRODUCTS ARE COVERED IN COST AUDIT.
Recent Topic
- Total income less than 12 lakhs but after processi
- Is Getsvision Solutions right for SMTP bulk email
- Queries on Stock/ETF gifting.
- Adding bank account for the deceased for ITR refun
- SALE OF EQUITY ON THE LAST DAY OF THE FY 2024-25 N
- Which ITR form
- Form 103 id delayed for submission for more than 1
- Composition scheme
- Input tax credit under igst under insurance compan
- ITR Form to be used
Related Topics
CAclubindia
