The Companies (Cost Records and Audit) Amendment Rules, 2014

MCA vide Notification G.S.R…. (E) Dated 31/12/2014 has made amendments to The Cost Audit and Records) 2014 stated below:

1. Definition of Central Excise Tariff Act Heading in Rule 2, after clause (a).

2. Substituted Application of Cost Records in Rule 3- Class of companies, including foreign Companies defined in clause (42) of Section 2 of the Act, engaged in the production of the goods or providing services specified in the table, having an overall turnover from all its products and services of Rs. 35 crore or more during immediately preceding financial year, shall include cost records for such products or services in their books of account.

3. Substituted Rule 4 “Applicability of Cost Audit Rules”.

4. Inserted proviso in Rule 5- That in case of Company is covered under serial no. 12 and serial numbers 24 to 32 of item (B)  of Rule 3, the requirement under this shall apply in respect of each of its financial year commencing on or after 1st day of April,2015.

5. “Inserted Sub -Rule 3A after Sub Rule 3 in Rule 6 “  : After Any casual vacancy in the office of cost auditor shall be filed by the Board of Directors within 30 days of such vacancy and inform to Central Government in Form CRA-2 within 30 days of such appointment.

6. Rule 7 shall be omitted.

7. Annexure for Form CRA-1 and Form CRA-3 shall be substituted with the amendments as prescribed.