TMI BlogExemption from applicability of Cost Accounting Records Rules to the Construction Industry.X X X X Extracts X X X X X X X X Extracts X X X X ..... ay, 2012 To, The Secretary General, Construction Federation of India, 1103, Antriksh Bhawan, 22, K.G. Marg, New Delhi 110 001 Subject: Exemption from applicability of Cost Accounting Records Rules to the Construction Industry. Sir, Please refer your letter dated 23rd March, 2012 on the subject cited. CFI had earlier made a similar reference on 19th Decem ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ompanies to fulfill regulatory requirements; comply with the Tax Accounting Standards; and assist is their tax assessments. 2. Based on the discussions held, detailed clarifications were issued on 16th January, 2012 that were duly acknowledged by the CFI vide their letter dated 27th January, 2012 and also conveyed to all their member companies for implementation. 3. However, the matter has b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... th the use of own materials [whether self manufactured/produced or procured from outside] and/or development of residential, commercial or industrial estates i.e. development of township, residential units, commercial complex, office blocks, industrial parks [including SEZ], etc. or construction of highways, rails, roads, bridges, industrial non-industrial structures, or other infrastructure fac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t audit is applicable on the companies engaged in the construction and/or development (real estate) business. Hence, these companies are only required to maintain cost accounting records and file compliance report with the Central Government that can be signed by their employee cost accountant as defined in Rule 2(c) of the Companies (Cost Accounting Records) Rules, 2011. Yours faithfully, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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