(a) What is special Audit under section 14AA of CEA?
(cenvat credit Audit)
(b) Who can conduct such audit? (c) Who can order such
audit? (d) What is the time limit for submission of report
- 1 Answers
- 11630 Views
- I also Faced
- E-Mail Answers
Answer / gaurav
(1) If the Commissioner of Central Excise has reason to
believe that the credit of duty availed of or utilised
under the rules made under this Act by a manufacturer of
any excisable goods -
(a) Is not within the normal limits having regard to the
nature of the excisable goods produced or manufactured, the
type of inputs used and other relevant factors, as he may
deem appropriate;
(b) Has been availed of or utilised by reason of fraud,
collusion or any willful mis-statement or suppression of
facts,
He may direct such manufacturer to get the accounts of his
factory, office, depot, distributor or any other place, as
may be specified by him, audited by a cost accountant
nominated by him.
(2) The cost accountant so nominated shall, within the
period specified by the Commissioner of Central Excise,
submit a report of such audit duly signed and certified by
him to the said Commissioner mentioning therein such other
particulars as may be specified.
(3) The provisions of sub-section (1) shall have effect
notwithstanding that the accounts of the said manufacturer
aforesaid have been audited under any other law for the
time being in force or otherwise.
(4) The expenses of, and incidental to, such audit
(including the remuneration of the cost accountant) shall
be determined by the Commissioner of Central Excise (which
determination shall be final) and paid by the manufacturer
and in default of such payment shall be recoverable from
the manufacturer in the manner provided in section 11 for
the recovery of sums due to the Government.
(5) The manufacturer shall be given an opportunity of being
heard in respect of any material gathered on the basis of
the audit under sub-section (1) and proposed to be utilised
in any proceeding under this Act or rules made there under.
Explanation : For the purpose of this section, "cost
accountant" shall have the meaning assigned to it in clause
(b) of sub-section (1) of section 2 of the Cost and Works
Accountants Act, 1959 (23 of 1959).
| Is This Answer Correct ? | 8 Yes | 6 No |
What is the general entry for charge on bank overdraft
when we use credit card, then what will do entries in tally erp as a accountant and second question that if he do entry then what will thay keep under the ledger of credit card.
1 Answers State Bank of Mysore SBM,
What is fitting and fixtures?
what is profitability ratio and dividend policy ratio
How to pass journal entry for payment of 20 % of outstanding income tax demand of AY 14- 15 of an company in the AY 18-19.
What is the difference between Invoice and Performa Invoice ?
i have purchase goods for Rs.100 and company say you sell this goods for Rs. 80 and raised a debit note for diffrence amount and he fix 5 % commision on sales value what is journal entry passed in tell with narration?
How we change the Opening Stock or Closing Stock of any item in tally?
financial management
I Give a Cheque for IPO in Saving Bank Account , What entry in tally accounting softwer With Example
Can TDS(Tax Deducted at source) expense be called Selling General and Administrative expense in Profit and loss statement,Or should it be included under head Provision for Taxation
The Tabula Manufacturing Company has been in business for one month. At the end of month the company had the following accounts: Materials used K 5 000.00 Direct labour 10 000.00 Indirect labour 3 000.00 Indirect materials 2 000.00 Labour fringe benefits 1 000.00 Supervisor’s salary 1 000.00 Depreciation Machinery 2 000.00 Miscellaneous factory overhead 1 000.00 Heat and light 500.00 Insurance on plant 1 500.00 The company processed two jobs during the month with costs as follows: Job 101 Job 102 Materials cost K3 000.00 K2 000.00 Direct labour cost K6 000.00 K4 000.00 Direct labour hours 4 000.00 3 000.00 Machine hours 2 000.00 1 000.00 The company does not use a predetermined rate for factory overhead. The rate is computed at the end of each month. Required Use both the direct labour hours and machine hours to compute: 1) The overhead rates for the month (5 pts) 2) The overhead cost for each job (5pts) 3) The total cost for each job (10 pts) 4) Briefly describe the difference between Job order and process costing, citing relevant examples (5 pts).
Audit 
