Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: cpt :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: TDS :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4% :: form 3cd
 
 
« Auditing »
 Auditing to be less of a burden as accountants embrace AI
 CAG's report on GST will be totally paperless
 Time Limit For Completion Of Assessment From The Date Of Special Auditor’s Report Under Income Tax Act, 1961
 Provisioning pertaining to Fraud Accounts
 Tax Audit Report (TAR) Certain exceptions and increased limits according to number of partners and considering nature of activity are desirable
 Cost Auditing Standards [ Cost Audit Documentation (102)] – Part-II
 Conference on Companies Act gets under way
 New bureau to dissolve state-run banks' power to choose auditors
 Foreign Exchange Management (Permissible Capital Account Transactions) (Fourth Amendment) Regulations, 2015
 ICAI forms 'prima facie' view on NSEL auditor
 Firms appoint new auditors in shift to meet new standards

Government introduces new new cost audit rules for business entities
January, 27th 2015

The Corporate Affairs Ministry has introduced new cost audit rules that include a new minimum threshold limit for cost auditing for certain class of entities and also add several new businesses to the list. The new rules have also made it mandatory for companies having annual turnover of Rs 35 crore and above to maintain cost records and include it in their books of account.

For the purpose of auditing of cost records, the ministry has broadly classified entities into regulated and unregulated sectors. In regulated category, companies with overall annual turnover of Rs 50 crore or more and the aggregate turnover of the individual products or services of Rs 25 crore have to get their cost records audited. Regulated sector includes class of companies such as telecommunication services, power generation, transmission, distribution and supply, petroleum products, drugs and pharmaceuticals, fertilisers, sugar and industrial alcohol.

In the case of non-regulated category, the ministry has named a total of 33 categories of entities.

As per the amended rules, entities falling under the unregulated category and having minimum annual turnover of Rs 100 crore would need to carry out cost audits. Businesses such as tea coffee, tea, plastics and polymers, glass, electrical, textiles and milk powder businesses have been brought under the ambit of cost auditing (under non-regularised category) if they meet the minimum threshold criteria of annual turnover.

Cost auditors had also pushed for including automobiles, packaged food as well as plantation products under the cost audit ambit but the government hasn't done so in the new rules.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Privacy Policy

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions