2 Cost Audit

Cost Audit

Inventory Valuation by Cost Accountants in Income Tax Act: Budget 2023

Income Tax - Budget 2023 introduces Concept of inventory valuations by Cost Accountants in specific cases, as granted by Section 142(2A) of income Tax Act....

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Inventory Valuation by Cost Accountants under Income Tax proposed for specific cases

Income Tax - Budget day is a day of expectations for all persons may it be professionals / companies / Individuals / other persons. Everybody gets hooked to the TV/other social media platforms to get a firsthand information on the budget. The finance minister presents the budget before the parliament and major changes/provisions are announced there. H...

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Need of Cost & Management Accounting & Role in providing healthcare services at affordable prices

Income Tax - Need of Cost & Management Accounting & How it plays a vital role in providing healthcare services at affordable prices and qualitative healthcare to all (Glimpses) In both developing and developed countries, hospitals are seen important community resource that is and should be managed for the benefits of the community. With a GDP ...

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Practical Approach to Conduct Cost Audit

Income Tax - Cost Audit is the core field for a practicing Cost & Management Accountant. Institute of ICAI-CMA has recently started MCBT (Mandatory Capacity Building Training). But unfortunately, most of the new practicing Cost & Management Accountant are not aware of the practical approach to conduct the Cost Audit in any industry due to lack...

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Cost Auditing Standards and Review of Cost Audit Reports by MCA

Income Tax - The concept of compliance with Cost Audit Standards has started gaining momentum with the MCA issuing notices for review of Cost Audit Reports. The company is normally required to comply with 24 Cost Accounting Standards (whichever applicable) and 19 Standards on Cost Auditing (Lists already communicated earlier/available on icmai.in) Gov...

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Exposure Draft of the Revised Standards on Cost Auditing (SCAs)

Income Tax - CAASB Request for Comments on Exposure Draft of the Revised Standards on Cost Auditing (SCAs) Second Proviso to Section 148(3) of the Companies Act, 2013 states that the auditor conducting cost audit shall comply with the cost auditing standards. As per ‘Explanation’ below this proviso, the expression ‘cost auditing sta...

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Advisory on Treatment of Various Items of Cost in view of COVID19

Income Tax - Advisory on the Treatment of various items of Cost in light of Covid-19 pandemic & their Presentation / Disclosures in form CRA 3 of The Companies (Cost Records & Audit) Rules 2014 relating to the Accounting Period ending March 31, 2021...

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MCA amended Companies (Cost Records and Audit) Amendment Rules

Income Tax - MCA amended Companies (Cost Records and Audit) Amendment Rules due to implementation of GST, other procedural changes and consequent revision of connected forms i.e. CRA-1 and CRA-3 Posted On: 02 DEC 2019 3:12PM by PIB Delhi The Ministry of Corporate Affairs (MCA) vide Notification No. G.S.R. 792 (E) dated 15.10.2019 has amended the Compa...

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Advisory to Practicing Members conducting Cost Audit

Income Tax - The Cost Audit Branch, Ministry of Corporate Affairs had issued an Exposure Draft for amendments to the Companies (Cost Records & Audit) Rules, 2014. However, due to certain technical issues, the new Taxonomy and the Validation Tool are yet to be made ready and as a result the MCA is yet to notify the changes that are required especially ...

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Advisory on Filing of Cost Audit Report for year 2017-18

Income Tax - The companies which produce products covered under excise even after July 1st, 2017 will continue to furnish the information in the same format provided by the Companies (Cost Records and Audit) Amendment Rules, 2017. The companies having their products or services covered under GST may follow the guidance provided in this advisory....

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Extension of last date of filing of Cost Audit Report to Board of Directors

General Circular No.15/2021 - (27/09/2021) - Representations have been received from various stakeholders for extension of last date of filing of Cost Audit Report to the Board of Directors under Rule 6(5) of the Companies (Cost Records and Audit) Rules, 2014 due to impact of COVID-19 pandemic....

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Extension of Last Date of Filing Cost Audit Report for FY 2019-20

General Circular No. 29/2020 - (10/09/2020) - 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 companies is submitted by 30th November, 2020...

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Last date of filing of CRA-4 (cost audit report) extended to 29.02.2020

General Circular No. 17/2019 - (30/12/2019) - General Circular No. 17/2019- Last date of filing of CRA-4 (cost audit report) for all eligible companies for the Financial Year 2018-19, without payment of additional fee, has been further extended till 29.02.2020. General Circular No. 17/2019 F.No. 52/50/CAB/2019 GOVERNMENT OF INDIA MINISTRY OF CO...

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Companies (cost records and audit) Amendment Rules, 2019

Notification No. G.S.R. 792(E). - (15/10/2019) - The companies who have already filed their Cost Audit Report in form CRA-4 for the financial year 2018-19 with the Central Government before the publication of this notification are not required to file their Cost Audit Report for the said financial year....

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Companies (cost records and audit) Amendment Rules, 2018

G.S.R.1157(E). - (03/12/2018) - MCA notifies Companies (cost records and audit) Amendment Rules, 2018 to further amend Companies (cost records and audit) Rules, 2014....

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Recent Posts in "Cost Audit"

Inventory Valuation by Cost Accountants in Income Tax Act: Budget 2023

Budget 2023 introduces Concept of inventory valuations by Cost Accountants in specific cases, as granted by Section 142(2A) of income Tax Act....

Read More
Posted Under: Income Tax |

Inventory Valuation by Cost Accountants under Income Tax proposed for specific cases

Budget day is a day of expectations for all persons may it be professionals / companies / Individuals / other persons. Everybody gets hooked to the TV/other social media platforms to get a firsthand information on the budget. The finance minister presents the budget before the parliament and major changes/provisions are announced there. H...

Read More
Posted Under: Income Tax |

Need of Cost & Management Accounting & Role in providing healthcare services at affordable prices

Need of Cost & Management Accounting & How it plays a vital role in providing healthcare services at affordable prices and qualitative healthcare to all (Glimpses) In both developing and developed countries, hospitals are seen important community resource that is and should be managed for the benefits of the community. With a GDP ...

Read More
Posted Under: Income Tax |

Practical Approach to Conduct Cost Audit

Cost Audit is the core field for a practicing Cost & Management Accountant. Institute of ICAI-CMA has recently started MCBT (Mandatory Capacity Building Training). But unfortunately, most of the new practicing Cost & Management Accountant are not aware of the practical approach to conduct the Cost Audit in any industry due to lack...

Read More
Posted Under: Income Tax |

Cost Auditing Standards and Review of Cost Audit Reports by MCA

The concept of compliance with Cost Audit Standards has started gaining momentum with the MCA issuing notices for review of Cost Audit Reports. The company is normally required to comply with 24 Cost Accounting Standards (whichever applicable) and 19 Standards on Cost Auditing (Lists already communicated earlier/available on icmai.in) Gov...

Read More
Posted Under: Income Tax | ,

Cost Audit and Cost Records

COST RECORD: The definition of the word ‘cost records’ has been provided under rule 2 (e) of the Companies (Cost Records and Audit) Rules, 2014 which means books of account relating to the utilization of materials, labour and other items of cost as applicable to the production of the goods or provision of services as […]...

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Posted Under: Income Tax |

Treatment of Special Expenses in Cost Accounting

Treatment of Special Expenses in Cost Accounting Certain items need special treatment in Cost Accounting. In this juncture, we have to discuss the treatment of some special expenses in cost accounts. 1. Research and Development Cost (CAS 18) As per CAS 18, the treatment of Research and Development Cost (CAS 18) is as follows:- Development...

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Posted Under: Income Tax |

Exposure Draft of the Revised Standards on Cost Auditing (SCAs)

CAASB Request for Comments on Exposure Draft of the Revised Standards on Cost Auditing (SCAs) Second Proviso to Section 148(3) of the Companies Act, 2013 states that the auditor conducting cost audit shall comply with the cost auditing standards. As per ‘Explanation’ below this proviso, the expression ‘cost auditing sta...

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Posted Under: Income Tax |

Handling of Notices issued for non-appointment of Cost Auditors for 2017-18

The computerization of MCA records on the one side had brought smiles on the faces of compliance officers of the companies on the other hand it also gave the headache to them, as now it has become very easy for the regulators to press a button and send notices across thousands of companies for non-compliance […]...

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Posted Under: Income Tax |

Discussion on Notice from Cost Audit Department

In this editorial, author shall discuss the provision, applicability of Cost Audit and Cost Auditor on Companies along with reason of issuance of Notice from Cost Department. Applicability of Cost Records: As per Rule 3, The class of companies, including foreign companies, engaged in the production of the goods or providing services, spec...

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Posted Under: Income Tax |

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