Deadline for submitting the Cost Audit Report to the Board of Directors has been extended by MCA

Deadline for submitting the Cost Audit Report to the Board of Directors has been extended by MCA

Under Rule 6(5) of the Companies (Cost Records and Audit) Rules, 2014, the Ministry of Corporate Affairs (MCA) has extended the deadline for filing the Cost Audit Report to the Board of Directors.

Due to the impact of the COVID-19 epidemic, the Ministry has received requests from various stakeholders to extend the deadline for filing the Cost Audit Report to the Board of Directors under Rule 6(5) of the Companies (Cost Records and Audit) Rules, 2014.

In light of the unprecedented disruption caused by the pandemic, it has been decided that if the cost auditor submits a cost-audit report to the Board of Directors of the companies by October 31, 2021, it will not be considered a violation of Rule 6(5) of the Companies (cost records and audit) Rules, 2014.

As a result, the cost audit report for the fiscal year ending March 31, 2021 must be reported in e-form CRA-4 within 30 days of the company receiving a copy of the cost audit report. However, if a company has been granted an extension of time to hold its Annual General Meeting under section 96(1) of the Act, e-form CRA-4 may be lodged within the timeframe set out in the proviso to rule 6(6) of the Companies (Cost Records and Audit) Rules, 2014.

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