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Covid-19: India Inc gets more time for cost audit report compliance

KR Srivats New Delhi | Updated on December 03, 2020

Companies now get more time to file their cost audit report related e-form with the Corporate Affairs Ministry (MCA) extending the last date for filing of such reports by cost auditors to the board of directors.

As against the earlier stipulated deadline of November 30 for cost auditors to submit their report to the board of directors, the MCA has due to ongoing COVID-19 pandemic extended this last date to December 31.

Consequently Corporate India will get another 30 days from the date the report gets submitted to the Board to electronically file the form CRA-4 (form for filing of cost audit report) with MCA for FY 2019-20 under Companies Act 2013, official sources said.

It may be recalled that in view of the extraordinary disruption caused due to the pandemic, the MCA had in September this year extended the deadline for furnishing of cost audit report for 2019-20 by the cost auditor to the board of directors to November 30.

Consequently, an additional 30 days was available to electronically file e-form CRA-4 to MCA from the date the report was filed with the board of directors.

Prior to these changes, the company law required cost auditors to submit their cost audit report by September 30 (180 days from the end of the financial year). Companies had 30 days more to file their e-form CRA-4 with MCA.

The MCA’s latest move is among several steps it has taken since March to relax various compliance requirements for India Inc amid the pandemic.

Besides allowing companies to hold both board and shareholder meetings virtually, the MCA has extended the applicability of CARO 2020 by one year and extended the last date for registration of details of independent directors in databank.

Published on December 03, 2020

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