COST ACCOUNTANT

The Cost Accountants are authorised to conduct audit and other as follows: Statutory Auditors under Value Added Tax Act of States: Many States have authorised Cost Accountants for auditing, certification of returns and to appear as authorised representative on behalf of their clients under the Acts. Central Board of Excise and Customs (CBEC) authorizes Cost Accountants in practice for the following work: 1. Special Audit under Section 14A & 14AA of.. Full Article

In the current era of the Indian Growth story, the need for delivering the results faster, smarter and wider have never been felt so much. This council will focus on deliverables within specific time frame to address the requirements of Students, Members in Employment and in Practice, Brand Enhancement through National and International Tie-ups, Government interface, streamlining the Institute Infrastructure with increased Employee involvement to meet the targets. In par.. Full Article

Ministry of Finance has today issued the above Notification amending Point of taxation Rules, 2011. Rules 7 has been substituted by a new Rule whereby, point of taxation in respect specified service providers which includes Chartered Accountants (individuals or proprietary firms or partnership firms) will be the date on which payment is received. Full Article

The Council of the ICWAI at its 251st Meeting held on 12-13 February 2009 and 258th Meeting held on 14th December 2009 decided as below: Mandatory application of Cost Accounting Standards “RESOLVED THAT the following Cost Accounting Standards shall be mandatory with effect from period commencing on or after 1st April 2010 for being applied for the preparation and certification of General Purpose Cost Accounting Statements. Full Article

For non filing or late filing of the Audit Report, penalty at the rate of 0.1% of the turnover of sales is also leviable. As explained from beginning, under VAT Act the assessments will be sparing, based on selection criteria. Therefore, to have authentic checking of the returns/tax liability of the dealer, the VAT Audit provision has been introduced. The VAT Audit report in Form 704 is accordingly notified in the MVAT Rules right from 01.04.2005... Full Article

Instructions for filing of e-704 1)      It is necessary to use the downloaded form e 704 as is available on the web www.mahavat.gov.in 2)      There are few easy steps for filing of e 704 First login to www.mahavat.gov.in Click on the menu “Downloads” Select Form e 704 from the menu Full Article

Shri Salman Khurshid, Minister for Corporate Affairs, has expressed confidence that under the present scenario, the Cost and Management Accounting professionals can play a major role in government initiative to control the inflation and make essential goods and services available to the public at a reasonable price. Addressing the Council of Institute of Cost and [...] Full Article

Section 14A of the Central Excise Act provides that:- If at any stage of enquiry, investigation or any other proceedings before him, any Central Excise Officer not below the rank of an Assistant Commissioner of Central Excise or Deputy Commissioner of Central Excise having regard to the nature and complexity of the case and the [...] Full Article