Dear Friends,
My query is with regard to the application of "cost compliance" for a private limited company engaged in manufacturing and supply of metal roofing solutions.
This company has achieved a gross turnover of Rs. 20.20 crore in FY 2012-13 and Rs. 9.10 crore in FY 2011-12.
Please clarify:
1.) whether "cost compliance report" is to be done for FY 2012-13, &
2.) when "cost audit" becomes applicable.
Regards,
Vaithy.
Hi,
Cost compliance is not applicable for FY 2012-13.
Its applicable for FY 2013-14. As its depend on following 3 conditions (Cost compliance will be applicable from the next year if any of the below condition satisfies) :
1) Turnover exceeding 20 Crore or
2) Net worth exceeding 5 Crore or
3) Debt or equity listed or in the process of listing (whether India or Abroad)
Regards,
Narendra
+91 8875633880
Thanks Mr.Narendra.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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