Transcription of ICAI - icmai.in
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ICAI - icmai.in
Companies (Cost Records and Audit) Rules, 2014(as amended upto 15th July 2016)ICAITHE INSTITUTE OF COST ACCOUNTANTS OF INDIA(Statutory body under an Act of Parliament)The Institute of Cost Accountants of India Page 1 Companies (Cost Records and Audit) Rules, 2014 (as amended upto 15th July 2016)COMPANIES (COST RECORDS AND AUDIT) RULES, 2014 [as amended upto 15th July 2016]The Companies Act, 2013 empowers the Central Government to make the rules in the area of maintenance of cost records by the companies engaged in the specified industries, manufacturing / providing such goods / services; and for getting such cost records audited, vide Section 148. Thus, it is the subordinate legislative power of the Central Government, to make rules for maintenance of cost records and audit thereof in respect of specific industries. Accordingly, the Central Government made, from time to time, several notifications / orders, ever since the provisions were made in the erstwhile Companies Act, 1956, as well as under the current Act of Analysis through diagrammatic Rule 1: Short title and commencement(1) These rules may be called the Companies (Cost Records and Audit) Rules, 2014.
the First Schedule to the Central Excise Tariff Act, 1985 [5 of 1986]; (b) “Cost Accountant in practice” means a cost accountant as defined in clause (b) of sub- section (1) of section 2 of the Cost and Works Accountants Act, 1959 (23 of 1959), who holds a
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