MCA has vide its general circular no. 15/2021 dated 27th September, 2021 extended the time by which the cost auditor is required to submit his report to the Board of Directors of the company to 31st October, 2021.
As per the extant rules, he is supposed to forward his report within 180 days from the closure of the financial year. The company is required to file the cost audit report in form CRA-4 within 30 days of its receipt.
However, where the company has got an extension of time to hold the annual general meeting, then such filing can be done in such extended time.
Copy of the said MCA circular can be found at the MCA site. i.e. http://www.mca.gov.in
MCA has vide its circular no. 38 dated 1st December, 2020 extended the last date for filing of CRA-4 form for financial year 2019-20 to 31st December, 2020. The hitherto last date was 30th November, 2020. CRA-4 form is for filing of the cost audit report of the company, wherever cost audit has been mandated by the government. The relevant circular can be found at the MCA site. i.e. http://www.mca.gov.in
MCA has issued a notification dated 31st October, 2014 amending the threshold limits in maintaining of cost records and appointment of cost auditors. Accordingly the Companies (Cost Records and Audit) Rules, 2014 has been amended to that effect.
The gist of the amendments are that cost records to be maintained if the overall turnover from all its products and services during the immediately preceding financial year is Rs.35 crores or more. Cost Audit is mandatory for companies falling in Item A of Rule 3 of the aforesaid Rules when their total turnover from all products and services is Rs.50 crores or more and turnover for individual products or services is Rs.25 crores or more, both as per the immediately preceding financial year. In case of companies falling in Item B of Rule 3, the respective limits are Rs.100 crores and Rs.35 crores. Cost audit is not applicable where a company’s revenue from foreign exchange exceeds 70% of its total revenue or it is operating from a special economic zone.
Copy of the MCA notification can be found here http://www.mca.gov.in/Ministry/pdf/Amendment_Rules_01012014.pdf
Copy of the Original Rules can be found here http://www.mca.gov.in/Ministry/pdf/rules_2_30062014.pdf