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Prescribe procedure & criteria for TDS returns verification: CAG

Report No. 4 of 2017 (Performance Audit)

Criteria for verification of TDS returns-CAG recommend that the CBDT may prescribe the procedure and criteria for selection of TDS returns for verification....

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Posted Under: Income Tax |

Centralised Task Force not made any effort to recover Excise/ Custom Duty: CAG

CBEC constituted, in 2004, a Centralised Task Force (CTF) to co-ordinate, facilitate, monitor and oversee the efforts of Customs and Central Excise field formations in recovery of arrears. We observed that though the Task Force was entrusted with finalising and implementing strategies for realisation of arrears it did not take any such ac...

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Posted Under: Income Tax |

CAG detect mistakes in matching of TDS with offered income

Report No. 2 of 2017 (Direct Taxes)

CAG in its Report No. 2 of 2017 (Direct Taxes) pointed out mistake in business rules relating to matching of TDS with offered income. Full potential of CPC such as AST-CPC interface for accessing demand/refund information, information available with AO not used in processing returns, non-linking of previous years’ ITRs resulting in exc...

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Posted Under: Income Tax |

CAG detects systemic & internal control deficiencies in Custom

Report No.1 of 2017 – Union Government (Indirect Taxes – Customs)

Report No.1 of 2017 – Union Government (Indirect Taxes – Customs) has 101 paragraphs with revenue implication of Rs. 495 crore and two subject specific compliance paragraphs of Rs. 568 crore. In addition systemic and internal control deficiencies involving revenue of Rs. 6430 crore have been included in the report....

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Posted Under: Income Tax |

CAS-17 (Revised 2017) Cost Accounting Standard on Interest and Financing Charges

The following is the Cost Accounting Standard (CAS 17) (Revised 2017) issued by the Council of The Institute of Cost Accountants of India for determination of INTEREST AND FINANCING CHARGES. In this Standard, the standard portions have been set in bold italic type....

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Posted Under: Income Tax |

CAS 16 (Revised 2017) Cost Accounting Standard on Depreciation and Amortisation

he following is the COST ACCOUNTING STANDARD – 16 (CAS – 16) (Revised) issued by the Council of The Institute of Cost Accountants of India on DEPRECIATION AND AMORTISATION. In this Standard, the standard portions have been set in bold italic type. ...

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Posted Under: Income Tax |

CAS 12 (Revised 2017) Cost Accounting Standard on Repairs and Maintenance Cost

The following is the COST ACCOUNTING STANDARD – 12 (CAS - 12) (Revised 2017) issued by the Council of The Institute of Cost Accountants of India on REPAIRS AND MAINTENANCE COST. In this Standard, the standard portions have been set in bold italic type. ...

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Posted Under: Income Tax |

CAS -7 (Revised 2017) Cost Accounting Standard on Employee Cost

The following is the COST ACCOUNTING STANDARD 7 (CAS - 7) (Revised 2017) issued by the Council of The Institute of Cost Accountants of India on EMPLOYEE COST. In this Standard, the standard portions have been set in bold italic type. ...

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Posted Under: Income Tax |

CAS-6 (Revised 2017) Cost Accounting Standard on Material Cost

The following is the COST ACCOUNTING STANDARD 6 (CAS 6) (Revised 2017) issued by the Council of The Institute of Cost Accountants of India on MATERIAL COST. In this Standard, the standard portions have been set in bold italic type. ...

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Posted Under: Income Tax |

India’s First Fully Sharia Compliant Company lists on BSE- SME Platform

India’s First Fully Sharia Compliant Company, Octaware Technologies Limited, lists on the Bombay Stock Exchange - SME Platform. Octaware Technologies is a highly experienced software development, enterprise solution and consulting firm engaged in the business of providing a range of Information Technology...

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Posted Under: Income Tax |
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