Company Law : Ministry of Corporate Affairs vide General Circular No. 36/2012 dated 6th November 2012, clarified some of the issues relating to ...
Corporate Law : Since 2nd May 2011 to 6th November 2012, Costing Profession of CMA passes through Sea Level changes; desired destination of the Ce...
CA, CS, CMA : Ministry of Corporate Affairs has done a remarkable job for the industry by issuing notifications with regard to Common Cost Accou...
Company Law : The period of August and September is normally very busy for the accounting as the finalisation of accounts is done by maximum com...
Income Tax : As per notification issued by Ministry of Corporate Affairs, dated 3rd June, 2011; The Companies (Cost Accounting Records), Rules ...
Company Law : Pursuant to implementation of IndAS, the Companies (Cost Records and Audit) Rules, 2014 are to be amended to bring parity between ...
Company Law : 1. Material Costs-(a) Proper records shall be maintained showing separately all receipts, issues and balances both in quantities a...
CA, CS, CMA : Ministry of Corporate Affairs, Cost Audit Branch, invites comments/ suggestions on regulating Cost Audit Fee and fixing limit on t...
CA, CS, CMA : It has been decided by the Ministry of Corporate Affairs to mandate the cost auditors and the companies to file Cost Audit Reports...
Company Law : It has been decided that if cost audit report for the financial year 2019-20 by the cost auditor to the Board of Directors of the ...
Company Law : General Circular No. 17/2019- Last date of filing of CRA-4 (cost audit report) for all eligible companies for the Financial Year 2...
Company Law : The companies who have already filed their Cost Audit Report in form CRA-4 for the financial year 2018-19 with the Central Governm...
Company Law : It has been decided to relax the additional fees payable by companies on CRA-4 (Cost Audit Report in XBRL format) upto 31.12.2018...
Company Law : MCA notifies Companies (cost records and audit) Amendment Rules, 2018 to further amend Companies (cost records and audit) Rules, 2...
Order [F. No. 52/26/CAB-2010], Dated 6-11-2012 – Consequent upon notification of the Product or Activity Group classification published vide S.O. 1747(E) dated 7th August, 2012 and in supersession of the earlier Orders issued vide even number dated 2nd May 2011, 3rd May 2011, 30th June 2011 and 24th January 2012, the Central Government hereby makes the following Order.
MCA is regularly receiving requests from the companies and cost auditors for making corrections in the e-forms 23C & 23D in respect of minor typographical errors or other mistakes such as incorrect financial year, incorrect name of the cost auditor or the cost audit firm, incorrect PAN number, incorrect scope of audit, etc.
Ministry of Corporate Affairs vide General Circular No. 15/2011, dated April 11, 2011 had prescribed a revised procedure to be followed for appointment of cost auditors. As per the revised procedure, each company is required to e-file its application with the Central Government in the prescribed Form 23C within ninety days from the date of commencement of each financial year, which shall be approved by MCA within 30 days.
Ministry of Corporate Affairs has done a remarkable job for the industry by issuing notifications with regard to Common Cost Accounting Record Rules, 2011 and six other Specific Cost Accounting Record Rules. Earlier there were 44 Cost Accounting Record Rules for different Industries and Cost Records were required to be prepared as per specific formats mentioned under those rules
The period of August and September is normally very busy for the accounting as the finalisation of accounts is done by maximum companies in this period only. As the Finance heads are busy with the finalisations of the books of accounts, they may skip some of the important notifications which may have an implication on the finances and regulatory compliances.
As per notification issued by Ministry of Corporate Affairs, dated 3rd June, 2011; The Companies (Cost Accounting Records), Rules 2011 shall apply to every company, including a foreign company, which is engaged in a) Production b) Processing c) Manufacturing d) Mining Activities
Ministry of Corporate Affairs has issued various Cost Audit Orders in Financial year 2011-12, some of which applicable from Financial Year 2011-12 itself and some become applicable in Financial Year 2012-13.
In exercise of the powers conferred by clause (b) of sub-section (1) of section 642 read with section 610B of the Companies Act, 1956 (1 of 1956), the Central Government hereby constitutes the Product or Activity Groups as given in the Annexure enclosed.
It has now been decided by the Ministry that all cost auditors and the concerned companies will be allowed to file their Cost Audit Reports and Compliance Reports for the year 2011-12 [including the overdue reports relating to any previous year(s)] with the Central Government in the XBRL mode, without any penalty, upto 31st December, 2012.
General Circular No. 12/2012 Ministry of Corporate Affairs vide no. 52/26/CAB-2010 dated 2nd May, 2011 had directed that every company to which any of the following rules apply, and wherein, the aggregate value of net worth as on the last date of the immediately preceding financial year exceeds five crore of rupees; or wherein the aggregate value of the turnover made by the company from sale or supply of all products or activities during the immediately preceding financial year exceeds twenty crore of rupees;
