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 :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: TDS :: VAT RATES :: empanelment :: form 3cd :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: due date for vat payment :: ACCOUNTING STANDARDS :: VAT Audit
News Headlines »
 CBDT releases Income Tax Return statistics for last two fiscals
 CBDT issues second round of Certificates of Appreciation to tax payers for their contribution towards Nation building
 FinMin looks at cut in corporation tax
 Draft Rules for prescribing the method of valuation of fair market value in respect of the trust or the institution-Chapter XII-EB of the Income-tax Act, 1961- reg.
 India is moving towards a flawed GST
 ICAI to organise two-day international conference in Hyderabad
 Here's how to calculate tax payable on your capital gains
 Income Tax calculations for the financial year 2016-17
 CPE Events 17 October - 22 October 2016
 High Court raps I-T Department for wrong tax demand
  CBDT signs 5 advance pricing pacts with Indian taxpayers

5,000 cos comply with mandatory cost audit: ICAI
August, 03rd 2013

In the first full year, over 5,000 companies have complied with the Ministry of Company Affairs order on mandatory cost audit.

In May 2011, MCA made cost audit mandatory for manufacturing units in sectors such as cement, tyre, steel, fertiliser, bulk drugs, formulations, sugar, paper, insecticides, petrochemicals, electricity and telecommunications.

A.S. Durga Prasad, Vice-President of the Institute of Cost Accountants of India, said here on Thursday said the indications suggested that managements of 5,000-odd companies submitted independently audited cost records with the MCA by September 30, 2012.
In the second year, more companies are expected to submit cost audit records. Introduction of the audit substantially increased the number of cost accountants, around 1,000, turning towards auditing.

According to Suresh Chandra Mohanty, President of ICAI, currently there are some 2,383 practising cost accountants in the country.

The Union Government in recent years has taken initiatives to build and maintain authenticated cost records. These are to understand and analyse the costs of the Indian manufacturing sectors for tax purposes or for effective handling of issues like anti-dumping duties or inflation.

The institute, apart from undertaking capacity building and skill development exercises, is also currently focussing on cost related research. ICAI President said the Ministry of Commerce has asked it to study and analyse cost issues relating to anti-dumping duties.

The institute has established a cell for taxes. The cell will work on issues related to direct and indirect taxes with reference to generally accepted cost standards.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Work Flow Workflow Software Software Automation Workflow automation Software Design Workflow Design Business Work Flow Workflow automation tools

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