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Oct 19, 2020 · The requirement for cost audit under these rules shall not apply to a company which is required to maintain cost records and- (i) whose revenue from exports, in foreign exchange, exceeds seventy five (75) per cent of its total revenue; or. (ii) Which is operating from a special economic Zone.
For any company to fall under the requirement of Cost Audit following two tests shall apply: a. Coverage under Table – A and / or Table – B. Company’s product / services shall fall under one or more categories given under Table A and / or Table B. AND the respective Central Excise Tariff Act (CETA) headings (wherever applicable). b. Turnover:
Jan 15, 2024 · Applicability of maintenance of Cost Records and applicability of Cost Audit as per Companies Act, 2013. In this article, we will discuss the importance of maintaining cost records and the necessity of a cost audit. Section 148 of the Companies Act of 2013 outlines the regulations for cost records and cost audits.
Sep 11, 2024 · Summary: Cost audit under Section 148 of the Companies Act, 2013, mandates certain companies to maintain cost records and undergo a cost audit by a practicing cost accountant. This applies to companies in specified regulated (e.g., telecommunications, electricity) and non-regulated sectors (e.g., automobiles, cement), based on turnover criteria.
Nov 21, 2023 · Applicability of Cost Audit. The companies on which cost records maintenance is applicable may have to undergo cost audit in case further condition of aggregate turnover and tablewise turnover is achieved. Summarised chart showing applicability of Cost audit is given below
Rule-4: Applicability for Cost Audit Even for regulated sectors like Telecommunication, Electricity, Petroleum and Gas, Drugs and Pharma, Fertilizers and Sugar, Cost audit requirement has been made subject to a turnover based threshold of ` 50 crores for all product and services and ` 25 crores for individual product or services. For Non-regulated
Jan 3, 2020 · Applicability of Cost Audit. Cost audit applicability provisions are contained under rule 4 of the Companies (Cost Records and Audit) Rules, 2014. According to the said rule 4, the cost audit is applicable in the following situation –. Table A specified goods/services –.
FAQs relating to the Applicability of Cost Audit. For any clarification or further information please send your queries relating to the FAQs on technicalcell@icmai.in to the Technical Cell of the Institute for its opinion. 1 | Page. Frequently Asked Questions. General FAQs.
Sep 1, 2015 · Costing Taxonomy 2015, The Ministry of Corporate Affairs, Government of India has mandated filing of cost audit reports in XBRL Mode.... MCA releases modified CRA-2 and Instruction Kit thereof on 13 June, 2015. MCA issued Companies (cost records and audit) Amendment Rules 2015 dated 12th June 2015 amending Forms CRA-2 and CRA-4.
Jun 24, 2024 · Applicability of Cost Audit. The companies on which cost records maintenance is applicable may have to undergo cost audit in case further condition of aggregate turnover and tablewise turnover is achieved. Summarised chart showing applicability of Cost audit is given below
