Slideshow Image 1 Slideshow Image 2 Slideshow Image 3 Slideshow Image 4 Slideshow Image 5 Slideshow Image 6 Slideshow Image 7

Key Services

Audits
Taxation
Govt. Approvals
Mgmt. Consultancy
Adviser and Planner
 
 

Cost-Audit and cost-compliance

 

Cost-Audit and cost-compliance compulsory-last date near

  1. Every company has to file cost compliance certificate by 27th september 2012 for FY 2011-12 whose turnover exceed Rs 20 Cr or Networth exceeds Rs 5 Cr or listed or in the process of listing in India or abroad. The companies have to maintain cost accounting records product wise and plant wise based on Cost-Accounting Standards and Generally accepted Cost Accounting Principles. Check Turnover or networth as on 31.03.2011.

  2. Every Telecommunication, Petroleum,Electricity Industry,sugar industry,Fertiliser Industry and Pharmaceutical Industry whose turnover exceed Rs 20 Cr or Networth exceeds Rs 5 Cr or listed or in the process of listing in India or abroad has to maintain cost accounting records as per Industry specific Records Rules 2011 and to file compliance report wef FY 2012-13 ie by 27th september 2013 except electricity Industry who has to file compliance report by 27th September 2012.
    Besides that every company in Bulk Drugs, Formulations,Fertilizers,sugar,Industrial Alcohol, Electricity, Petroleum and telecommunication has to file Cost-Audit report in addition to Compliance.

  3. If all the products of a company are covered in cost audit then no separate compliance need to be filed except companies listed at point 2 above.

  4. Like wise industries covered in cement,Tyres and Tubes,steel,paper,insecticides,glass,paints and varnishes,aluminium (Products are linked with Central Excise Tarrif heading) having turnover exceeding Rs 100 Cr or Listed or in the process of listing has to maintain cost-accounting records as per cost accounting Records Rules 2011 product wise and plant wise and to file cost-audit report by 27th Sept 2012 (Check Turnover or Net worth criteria as on 31.03.2011).

  5. Like wise industries covered in Juite/cotton/silk/woolen or blended fibres, Edible oil seeds and oil,packaged food products,organic and inorganic chemicals,coal & legnite,Mining & Metallurgy of Ferrous & Non-Ferrous metals, Tractors & Other Motor Vehicles,Plantation Products,Engineering machinery(Products are linked with Central Excise Tarrif heading) having turnover exceeding Rs 100 Cr or Listed or in the process of listing has to maintain cost-accounting records as per cost accounting Records Rules 2011 product wise and plant wise and to file cost-audit report by 27th Sept 2013 (Check Turnover or Net worth criteria as on 31.03.2012).

  6. Separate cost audit report for each product shall be filed in XBRL.

  7. Compliance report shall be filed for company as a whole putting therein all performance indicators.

  8. Cost auditor can file compliance report too but can not maintain cost records.

  9. In taking turnover the turnover of the entire company will be taken from sale of all goods and services including Job work.

  10. Last date of appointing cost auditor is 27th June 2012.

  11. In case of any doubt the matter may be referred to the MCA.

 
© 2014 SK Bhatt & Associates | All Rights Reserved Best viewed in 1024 x 768 resolutions Powered by : Giga Soft Systems Pvt. Ltd