Tuesday, 4 September 2012

Form 23C reg. appointment of cost auditor has to be e-filed on MCA portal within 90 days of the commencement of the financial year not after the close of the financial year.:

The Company shall e-file its application with the  Central Government on www.mca.gov.in portal, in the prescribed Form 23C within ninety (90) days from the date of commencement of each financial year, along with the prescribed fee as per the Companies (Fees on Application) Rules, 1999 as amended from time to time and other documents as per existing practice i.e.
(i)                 certified copy of the Board Resolution proposing appointment of cost auditor;
        (ii) copy of the certificate obtained from the cost auditor regarding compliance of section 224 (1- B) of the Companies Act, 1956

However where a company is covered under cost audit for the first time vide cost audit order dated 2nd may 2011 , 3rd may 2011 , 30th june 2011 or 24th jan 2012 , the period of 90 days shall be counted from the date of concerned order. Every company has to follow the procedure prescribed vide MCA Circular No.15/2011 dated April 11 , 2011.

Thus Last Date for Filing Form 23C reg. Appointment of Cost Auditor for FY 2012-13 was 29th June 2012. Those who have not filed till date has to file the Form 23C along with additional fee as given below.

Till 6th August 2012 , there were no penal provisions in the companies ( Fees on Applications) Rules, 1999 for delay in filing of Forms but as per MCA  notification dated 7th August 2012 , the penal provisions have been made applicable w.e.f. 7th Aug 2012 which are given below.

Period of Delay                                Fee Payable with the Application

Up to 30 days
          Two times of normal fee
More than 30 days and up to 60 days
           Four times of normal fee
More than 60 days and up to 90 days
           Six times of normal fee
More than 90 days
           Nine times of normal fee
Normal Fee as per the Companies (Fees on applications ) Rules , 1999 :

Application made by  :                                                             Amount of Fees to be paid(Rs.)
1              A Company having an Authorised Share Capital of
(a)   Less than Rs.25 Lakh                                                                            500.00
(b)   Rs.25 Lakh  or more but less than Rs.5 Cr                                           1000.00
(c)   Rs. 5 Cr or More                                                                                   2000.00
     2.         A company limited by Guarantee but not having a share capital                500.00
     3.         By an Association or proposed company for issue of licence
     under section 25 of the Act                                                                           500.00
     4.      By a company having a valid licence issued under section 25 of the Act        500.00
     5.      By a Foreign Company                                                                                   1000.00 

By Krishna Dasan.A
A.Krishna Dasan & Co.
Cost and Management Accountants
2 & 12(FF), DDA Commercial Complex
C-2-C Block, Pocket 2, Janak Puri,
New Delhi-110058
Mob: 98711-28831, 93111-28831