Cost Accounting Records and Cost Audit - clarifications
MINISTRY of Corporate Affairs has clarified that Companies (Cost Accounting Records) Rules, 2011 are not applicable to:
++ Wholesale or retail trading activities.
++ Banking, financial, leasing, investment, insurance, education, healthcare, tourism, travel, hospitality, recreation, transport services, business/professional consultancy, IT & IT enabled services, research & development, postal/courier services, etc.
++ Companies engaged in rendering job work operations or contracting/sub-contracting activities, and are paid only the job work or conversion charges.
++ Companies engaged in the production, processing, manufacturing or mining activities till such time they commence their commercial operations.
++ Ancillary products/activities of companies incidental to their main operations
MCA General Circular No. –Dated November 30 2011