Latest Expert Exchange Queries
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) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: VAT RATES :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: empanelment :: ACCOUNTING STANDARD :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company :: TDS :: ACCOUNTING STANDARDS :: list of goods taxed at 4%
 
 
« ICAI »
 CPE Events 23th January - 28th January 2016
 ICAI - PIOB Joint Stakeholders’ Conclave on the theme “Global Audit Oversight: Reconciling Perception Gap” on 9th February 2017, New Delhi
 May 2017 CA Examinations
 Exposure Draft of Recognition of Deferred Tax Assets for Unrealised Losses (Amendments in Ind AS 12, Income taxes) (January 2017).
 Formatin of Group to suggest norms for making Cooptions in non-standing Committees
 Constiuttion of a Group for creation of Ombudsman and formulating Whistle Blower Policy
 Result Notification Final - Nov 2016
 Result of the Information Systems Audit [ISA] Assessment Test held on 24th December 2016 declared.
 Result Notification - CPT December 2016
  Result of the Chartered Accountants Final Examination held in November 2016 and Common Proficiency Test (CPT) held in December 2016 declared.
 Annual Improvements to IFRS® Standards 2015–2017 Cycle

ICAI ask members not to air personal views on new cost rules
January, 09th 2015

The apex body of cost accountants ICAI has asked its members to restrain from airing their "individual interpretations" about modified norms pertaining to cost records and audit.

The Institute of Cost Accountants of India has said that it would be coming out with clarifications and guidance with regard to the new rules.

Earlier this week, the Corporate Affairs Ministry notified various amendments to the Companies (Cost Records and Audit) Rules.

Under the revised norms, entities having annual turnover of Rs 35 crore and above have to mandatorily maintain cost records.

"I...request all members to refrain from airing and circulating their individual interpretations of the rules and await clarifications from the institute," ICAI President A S Durga Prasad said in a message to the members.

The original rules, notified in June 2014, have been modified extensively following deliberations between stakeholders and the ministry.

ICAI's Technical Cell is analysing the rules in detail and would be providing guidance and clarifications to the members and industry.

"The amendment rules have now removed the ambiguity of identification of different sectors... The threshold limits of applicability have also been changed to a more practical approach," said the President's message, dated January 2.

"I thank all my council colleagues and other members of the profession for their continued support and guidance which enabled us to bring in modifications in the rules and providing clarity to the rules," it noted.

Besides, ICAI is in touch with the ministry for ironing out "certain errors that have crept in the notified rules".

As per the amended rules, the requirement of maintaining cost records would be applicable to certain class of companies that meet the threshold level of Rs 35 crore. Such entities have been broadly classified into 'regulated' and 'unregulated' sectors.

Entities engaged in six sectors have been brought under the regulated category. They are telecommunication services; power generation, transmission, distribution and supply; petroleum products; drugs and pharmaceuticals; fertilisers; sugar and industrial alcohol.

Those coming under these categories would also be required to carry out cost audits, if their overall annual turnover is Rs 50 crore or more and the aggregate turnover of the individual products or services -- where cost records are required -- is at least Rs 25 crore.

In the case of unregulated category, the Ministry has named 33 "industry/sector/product/service". The newly introduced ones include coffee and tea; milk powder; plastics and polymers; glass and textiles.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Organic SEO Outsourcing Organic Search Engine Optimization Outsourcing Organic Website SEO Organic SEO India Website SEO India Organic Search Engine Optimization India Organic Internet SEO India Organic Web

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