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TMI BlogCOST AUDIT ON PARTNERSHIP FIRMSX X X X Extracts X X X X X X X X Extracts X X X X ..... Dear All, Can any one tell me whether a partnership firm (not an LLP) who is engaged in manufacturing process is required to get its cost records audited or not. If yes, then under what circumstances. Also the manufacturing concern has a annual turnover more than 250 crore then. Somebody has says to me that according to rules cost audit is determined by turnover I am very confused. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Please guide me. Regards Amit - Reply By Sanjeet Kumar - The Reply = Dear The cost audit rules 2013 are issued by the mca under companies act 1956 , or 2013. which is applicable only on the companies as defined in the companies act 2013 . This is my opinion. As u told in query, u are a partnership firm then this is not applicable on u - Reply By mohd imran - The Reply = Dear S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ir i am working in limited co. which having partnership firm(T.O. of partnership firm 70 cr. ) is it mandatory to prepare cost records of partnership firm along with limited co. advise me Thanks and Regards imran - Reply By ramniranjan kandoi - The Reply = Cost Audit is not applicable to Partnership Firm . Turnover of a factory is not the basis of applicability of Cost Audit. Cost Audit is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... applicable to only Pvt/ public ltd. company - COST AUDIT ON PARTNERSHIP FIRMS - Query Started By: - AMIT FARMANIA Dated:- 24-1-2014 Accounting - Auditing - Got 3 Replies - Companies Law - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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