Navneet Kumar Jain

Anti-Profiteering Provisions: Will Cost Records Act As A Saviour for Companies

Goods and Services Tax - The anti-profiteering provisions are there in GST Acts to help the government to ensure that the common masses enjoy the benefits of the reduction in rates by way of reduced prices....

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GST and SCNs issued by MCA for non compliance with Cost Audit Provisions

Goods and Services Tax - Show Cause Notices (SCNs) issued by MCA for non compliance with the Cost Audit Provisions: Is it a beginning to ensure collection of authenticated data at HSN code level for GST...

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Budget 2017-18 : Moving toward Digitised Economy: Cash is not the King now

Goods and Services Tax - It is also proposed to insert new section 271DA in the Act to provide for levy of penalty on a person who receives a sum in contravention of the provisions of the proposed section 269ST. The penalty is proposed to be a sum equal to the amount of such receipt. The said penalty shall however not be levied if the person proves that there wer...

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Penalties For Non Compliance With Cost Records & Cost Audit Provisions For 2014-15 Onwards

Goods and Services Tax - Normally, the companies have casual approach towards compliance with regard to the Costing Provisions. Few of the companies have already paid a price for it and had to pay high additional fees for appointment of Cost Auditors each for 2011-12, 2012-13 or 2013-14....

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Reporting Under Cost Audit aligned with Eight Digit Central Excise Tariff Code for Manufacturing Sector From 2014-15

Goods and Services Tax - India is a country which introduced the concept of Cost Audits for the corporates. Till 2011, the cost audit report formats were never aligned with any of other statutory documents primarily. Now after realizing the need for the availability of production, capacity and costing data for policy decision making, in 2011 MCA brought in the co...

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Recent Posts in "Navneet Kumar Jain"

Anti-Profiteering Provisions: Will Cost Records Act As A Saviour for Companies

The anti-profiteering provisions are there in GST Acts to help the government to ensure that the common masses enjoy the benefits of the reduction in rates by way of reduced prices....

Read More
Posted Under: Income Tax |

GST and SCNs issued by MCA for non compliance with Cost Audit Provisions

Show Cause Notices (SCNs) issued by MCA for non compliance with the Cost Audit Provisions: Is it a beginning to ensure collection of authenticated data at HSN code level for GST...

Read More
Posted Under: Income Tax |

Budget 2017-18 : Moving toward Digitised Economy: Cash is not the King now

It is also proposed to insert new section 271DA in the Act to provide for levy of penalty on a person who receives a sum in contravention of the provisions of the proposed section 269ST. The penalty is proposed to be a sum equal to the amount of such receipt. The said penalty shall however not be levied if the person proves that there wer...

Read More
Posted Under: Income Tax |

Penalties For Non Compliance With Cost Records & Cost Audit Provisions For 2014-15 Onwards

Normally, the companies have casual approach towards compliance with regard to the Costing Provisions. Few of the companies have already paid a price for it and had to pay high additional fees for appointment of Cost Auditors each for 2011-12, 2012-13 or 2013-14....

Read More
Posted Under: Income Tax |

Reporting Under Cost Audit aligned with Eight Digit Central Excise Tariff Code for Manufacturing Sector From 2014-15

India is a country which introduced the concept of Cost Audits for the corporates. Till 2011, the cost audit report formats were never aligned with any of other statutory documents primarily. Now after realizing the need for the availability of production, capacity and costing data for policy decision making, in 2011 MCA brought in the co...

Read More
Posted Under: Income Tax |

Tax Audit & Cost Audit – Correlation & Amendments

CMA Navneet Kumar Jain Any organization has to undergo many audits like Financial Audit, Tax Audit, VAT Audit, Excise Audit, Service Tax Audit & Cost Audit. Cost Audit was made applicable to most of the companies since the year 2011 and in the year 2014 again many of the industries  were apparently excluded from applicability [&helli...

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Posted Under: Income Tax |

Companies Act 2013- Certification Costs Likely to Increase

Certification of Documents to be filed with MCA needs extra caution by Professionals which may effect of increase in Certification costs. ...

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Posted Under: Income Tax |

Appointment of Cost Auditors : Last date of filing e-form extended upto 31st Oct 2013 with no additional Fee

CMA Navneet Kumar Jain The companies have now reason to relax as now no additional fee will be applicable for late filing of e-form 23C utpo 31st Oct 2013. Background:  MCA had issued a cost audit order dated 6th Nov 2012 applicable from the year 2013-14 onward suppressing all the earlier cost audit orders.  Through […]...

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Posted Under: Income Tax |

Interest and Finance Charges (IFC) – Treatment in Costing

Institute of Cost Accountants of India has released CAS-17: COST ACCOUNTING STANDARD ON INTEREST AND FINANCING CHARGES on 23/05/2013. This article is a step towards interpretation and explanation of various aspect of the said Cost Accounting Standard...

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Posted Under: Income Tax |

Cost Audit Applicability for financial year starting on or after Jan 1, 2013

MCA issues Cost Audit Order in suppression of earlier Cost Audit Orders During the year 2011-12, MCA issued various cost audit orders wherein maximum industries were brought under cost audit net. It needs attention that  to bring uniformity in reporting,the MCA had issued a notification vide S.O. 1747(E) dated 7th August, 2012 mentioning...

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Posted Under: Income Tax |
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