The Comp. Expense Records and Audit Change Rules2015 Ministry of Corporate Affairs Issued New Alert for The Business (Expense Records and Audit) Change Guidelines,2015 Here we are providing total news released By MCA. Now you can scroll down below and Read complete News.
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The Compensation. Expense Records and Audit Modification Rules 2015
G.S.R. … …… (E).- In workout of the powers provided by sub-sections (1) and (2) of area 469 and section 148 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following guidelines even more to amend the Business (cost records and audit) Rules, 2014, particularly:
( 1 )These guidelines may be called the Companies (cost records and audit) (Amendment) Guidelines, 2015.
( 2 )They shall enter force from the date of their publication in the main gazette.
2. In the Companies (expense records and audit) Rules, 2014, an the Annexure, for Kinds CRA 2 and CRA- 4, the list below types will respectively be replaced, particularly:
Click Here to Download Authorities Statement
Area 148 of the Business Act, 2013 includes provisions relating to the cost records and cost audit applicability under the Business Act. The prominent function of area 148 are summarized hereunder–
- Area 148 (1) empowers the Central Government to direct the business defined in the production of products or provisions of service to include particulars relating to usage of product or labour or other items of cost in the books of accounts of the business;-LRB-
- List of defined business, which requires to keep the cost records, is provided under Table A and Table B of rule 3 of the Companies (Cost Records and Audit) Rules, 2014;-LRB-
- Section 148 (2) empowers the Central Federal government to direct, based on the net worth or turnover of the business, audit of cost records of the specified class of business;-LRB-
- Rule 4 of the Business (Expense Records and Audit) Guidelines, 2014 consists of the arrangements connecting to the companies which are liable to get their cost records audited;-LRB-
- Expense audit shall be performed by the cost accountant who is designated by the Board;-LRB-
- In case of any default on the part of the business, it will be punishable with the fine of a quantity not less than INR 25,000, nevertheless, such fine can not be more than INR 5 Lakhs. Even more, every officer, in default, of the company will be punishable with imprisonment for a term as much as 1 year or with the fine not less than INR 10,000, nevertheless, the exact same can not be more than INR 1,00,000;-LRB-
- In case the cost auditor remains in default, he shall be punishable in the manner as provided under area 147 (2) to section 147 (4 ).
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