What are the provisions of the Companies Act 1956 regarding the cost audit?

What are the provisions of the Companies Act 1956 regarding the cost audit?

(c) If a person, appointed for conducting the audit of cost accounts of a company, becomes subject, after his appointment, to any of the disqualifications specified in clause (a) or clause (b) of this sub- section, he shall, on and from the date on which he becomes so subject, cease to conduct the audit of the cost …

What do you understand by Companies Act 1956?

The Companies Act 1956 was an Act of the Parliament of India, enacted in 1956, which enabled companies to be formed by registration, and set out the responsibilities of companies, their directors and secretaries.

What is Section 25 of Companies Act 1956?

Section 25 in The Companies Act, 1956. 25. Power to dispense with” Limited” in name of charitable or other company. (4) A firm may be a member of any association or company licensed under this section, but on the dissolution of the firm, its membership of the association or company shall cease.

What are the legal provisions for maintenance of accounting records?

If the sale/turnover/gross receipts from the business or profession is more than Rs. 25,00,000 or the income from business or profession is more than Rs. 2,50,000 in any of the 3 preceding years, then books of accounts will be compulsorily maintained.

Which section of Companies Act 1956 deals with scheme of stock invest?

Section 12 in The Companies Act, 1956.

How is a company formed under the Companies Act, 1956?

Get the Memorandum and Articles of Association signed by, at least 2 persons in case of Private Limited Company, at least 7 persons in case of Public Limited Company, each shall also write in his own hand his fathers name, occupation and address and number of shares subscribed for, and duly witnessed by at least one …

What steps must be taken to form a company under the Companies Act, 1956?

The following steps are involved in the incorporation of a company.

  1. Ascertaining Availability of Name.
  2. Preparation of Memorandum of Association and Articles of Association.
  3. Printing, Signing and Stamping, Vetting of Memorandum and Articles.
  4. Power of Attorney.
  5. Other Documents to be Filed with the Registrar of Companies.

What is the difference between Section 8 and Section 25 company?

A Section 8 Company is the same as the popular Section 25 company under the old Companies Act, 1956, which was one of the most popular forms of Non- Profit Organisations in India. But, as per the new Companies Act 2013, Section 25 (as per the old act) has now become Section 8.

How do I incorporate a section 25 company?

Procedure for Registration of Section 25 Company

  1. Apply for & Get Director Identification Number. The first step is to get DIN Numbers for all the proposed directors of the company.
  2. Apply for Name Approval.
  3. Application for grant of license.
  4. File Memorandum & Articles of Associate and necessary forms.

What are the provisions relating to audit?

Section 139 of the Act provides that every company shall, at its annual general meeting, appoint an individual or a firm as an auditor who shall hold office from the conclusion of that meeting till the conclusion of sixth annual general meeting.