C. SAHOO & CO.

APPLICABILITY OF COST AUDIT REPORT

W.E.F. FY 2014-15

• Applicabilityfor cost audit.-

  (1) Every Company engaged in a Strategic Industry and covered under sub-clause (b) of clause (A) of rule 3 shall be

        required to get its cost records Audited in accordance with these rules.

  (2) In the case of a multi-product or a multi services company specified in sub-clause (b) of clause (B) and sub-clause

       (b) of clause (C) of rule 3, the requirement for Cost Audit shall apply to a product or a service for which the                        individual turnover ( from such specific product or such specific service) is rupees one hundred Crore or more.

  (3) In the case of a Company Producing any one specific product or service specified in sub-clause (b) of clause (B)        and sub-clause (b) of clause (C) of rule 3, the requirement for cost audit shall apply if the Net Worth of the                    Company  is rupees five hundred crore or more or the Turnover from such product or such service is rupees one          hundred crore or more.

  (4)  In thecase of a company engaged in medical products or devices referred to insub-clause (b) of clause (D) of rule       3,

      (i) Which has multiple Products or devices (i.e. a company producing, importing and supplying or trading in
  

           more than one medical device or product), the requirement for Cost Audit shall apply to a Medical device or                Product for which the individual turnover (from such specific medical device or product) is rupees ten crore or             more,   or one third of the turnover, whichever is less;

   (ii) Whichhas only one product or device (i.e. a company producing, importing and supplying or trading one

         medical device or product), the requirement for cost audit shall apply if the net worth of the company is rupees

        one hundred fifty crores or more or the turnover is rupees twenty five crores ormore.

Relaxation of additional fees and extension of last date infiling of various forms with the Ministry of Corporate Affairs-reg

General Circular No. 07/2013  dated 20.03.2013