CAG

Payment of tax by certain companies U/s. 115JB- CAG Report

CA, CS, CMA - Several companies that were having large profit from business and distributing substantial portion of the income to their shareholders as dividend, were reducing their tax liability by availing various deductions and exemptions available in the Act. ...

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Private healthcare sector: Income tax incentives, Legal Provisions & Judgments

CA, CS, CMA - Legal Provisions with respect to tax incentives availed by private health care sector under the Income Tax Act Section as per Income Tax Act Provision in brief 10(23C) In computing the total income of a previous year of any person, any income falling within any of the following clauses relating to such assessee (Private Hospital […...

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Extend date for CAG empanelment of Chartered Accountant firms

CA, CS, CMA - The empanelment process of Chartered Accountant firms (firm) and Limited Liability Partnership firm (LLP) for allotment of audit of Public Sector Undertakings/Statutory Corporations for the year 2016-17. The desired firms were allowed to fill the online forms till 15th February 2016....

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Loopholes in Prosecution & Penalties in Central Excise & Service Tax

CA, CS, CMA - Summary of Recommendations by Comptroller and Auditor General  of India on Administration of  Prosecution and Penalties in   Central Excise and Service Tax  vide Report No. 29 of 2014 (Performance Audit) Ministry may ensure that all long‐pending prosecution cases are reviewed at periodic intervals by Chief Commissio...

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Control issues of ITD relating to allowance of depreciation & amortisation

CA, CS, CMA - There is no mechanism available in the ITD to verify the veracity of claim of the assessees for depreciation in respect of additions made to the block of assets in previous year....

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CAG Empanelment to Start from 1st January 2018

CA, CS, CMA - Online Applications are invited from CA firms/LLPs from 1 January 2018 to 15 February 2018 for CAG empanelment for the purpose of appointment as auditors of Government Companies/Corporations for the year 2018-19....

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Highlights of CAG Report on Direct Tax for the year ended March 2017

CA, CS, CMA - During FY 2015-16, the ITD had completed 2.57 lakh scrutiny assessments in the units audited as per the audit plan of FY 2016-17, out of which we checked 2.39 lakh cases. Apart from this, we have also audited 0.30 lakh cases completed in the earlier financial years, during FY 2016-17. ...

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Summary of CAG Report on Central Excise Tax for March 2017

CA, CS, CMA - Section 16 of CAG’s (DPC) Act, 1971 mandates CAG to audit receipts payable into the Consolidated Fund of India and to satisfy that the rules and procedures are designed to secure an effective check on the assessment...

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Summary of CAG Report on Customs for Year ended 31st March 2017

CA, CS, CMA - During the financial year 2016-17 the Customs receipts grew by seven percent over the previous financial year and stood at 2,25,370 crore. The ratio of Customs duty collected to GDP was 1.48 percent. Duty foregone on account of export promotion schemes and on commodities was 3,87,539 crore in the financial year 2016-17....

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Summary of CAG Audit Report on Service Tax for Year ending on March 2017

CA, CS, CMA - Section 16 of CAG’s (DPC) Act, 1971 mandates CAG to audit receipts payable into consolidated fund of India and to satisfy that the rules and procedures are designed to secure an effective check on the assessment, collection and proper allocation of revenue and are being duly observed. ...

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Most TP Audit Report by CAs unreliable with pathetic professional work

Wrigley India Pvt Ltd Vs ACIT (ITAT Delhi) - It seems CAs are under attack from all parts of the world for good or not so good reasons. Recently CAG in its report Criticised CAs for alleged Mistakes in Tax Audit Report and signing of Tax Audit Reports more than the prescribed limit....

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CAG's Appointment – Delhi High Court Judgment

N Gopalaswami &ORS Vs The Union of India & ANR (Delhi High Court) - The Delhi High Court has dismissed two writ petitions filed by N.Gopalaswami (Former CEC) & others and Manohar Lal Sharma, Advocate challenging the appointment of Shri Shashi Kant Sharma as CAG of India made in May 2013...

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CAG can audit Pvt. Companies if Govt Revenue is in question

Association of Unified Telecom Service Providers of India Versus Union of India & Others (Delhi High Court) - The Delhi High Court has delivered a judgement in the case of Association of Unified Telecom Service Providers of India Versus Union of India & Others on the powers of CAG to audit the revenues of Private Telecom Companies flowing to the Consolidated Fund of India...

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Notice for abandonment of Trademark Applications

Public Notice No. CG Office/TMR/Public Notice/2016 - (04/04/2016) - This office has taken steps to treat the applications as abandoned in which no reply to examination report containing office objections to acceptance of the applications for registration has been received within the period of 30 days as per Trade Marks Act, 1999 and rules made thereunder. It is pert...

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CAG Circular regarding PSU audit guidelines

CAG office circular No.134-CA-IV/42-2001(III) - (15/04/2010) - Whether the Company has been listed on the stock exchanges? If yes, the names of the stock exchanges may please be indicated? If so, whether the provisions of listing agreement of SEBI are being followed by the Company? (2) Whether the Company has 50% independent directors on their Board as requi...

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Recent Posts in "CAG"

CAG Empanelment to Start from 1st January 2018

Online Applications are invited from CA firms/LLPs from 1 January 2018 to 15 February 2018 for CAG empanelment for the purpose of appointment as auditors of Government Companies/Corporations for the year 2018-19....

Read More
Posted Under: Custom Duty |

Highlights of CAG Report on Direct Tax for the year ended March 2017

During FY 2015-16, the ITD had completed 2.57 lakh scrutiny assessments in the units audited as per the audit plan of FY 2016-17, out of which we checked 2.39 lakh cases. Apart from this, we have also audited 0.30 lakh cases completed in the earlier financial years, during FY 2016-17. ...

Read More
Posted Under: Custom Duty |

Summary of CAG Report on Central Excise Tax for March 2017

Section 16 of CAG’s (DPC) Act, 1971 mandates CAG to audit receipts payable into the Consolidated Fund of India and to satisfy that the rules and procedures are designed to secure an effective check on the assessment...

Read More
Posted Under: Custom Duty |

Summary of CAG Report on Customs for Year ended 31st March 2017

During the financial year 2016-17 the Customs receipts grew by seven percent over the previous financial year and stood at 2,25,370 crore. The ratio of Customs duty collected to GDP was 1.48 percent. Duty foregone on account of export promotion schemes and on commodities was 3,87,539 crore in the financial year 2016-17....

Read More
Posted Under: Custom Duty |

Summary of CAG Audit Report on Service Tax for Year ending on March 2017

Section 16 of CAG’s (DPC) Act, 1971 mandates CAG to audit receipts payable into consolidated fund of India and to satisfy that the rules and procedures are designed to secure an effective check on the assessment, collection and proper allocation of revenue and are being duly observed. ...

Read More
Posted Under: Custom Duty |

CAG Report on Levy & collection of Service Tax on Entertainment Sector

We conducted a Performance Audit on levy & collection of Service Tax on Entertainment Sector, to seek an assurance regarding adequacy of Service Tax rules and regulations relating to entertainment sector and systems in place to ensure compliance to the same. The. audit was conducted in 17 selected. Commissionerates, including one division...

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Posted Under: Custom Duty |

Payment of tax by certain companies U/s. 115JB- CAG Report

Several companies that were having large profit from business and distributing substantial portion of the income to their shareholders as dividend, were reducing their tax liability by availing various deductions and exemptions available in the Act. ...

Read More
Posted Under: Custom Duty |

Private healthcare sector: Income tax incentives, Legal Provisions & Judgments

Legal Provisions with respect to tax incentives availed by private health care sector under the Income Tax Act Section as per Income Tax Act Provision in brief 10(23C) In computing the total income of a previous year of any person, any income falling within any of the following clauses relating to such assessee (Private Hospital […...

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Posted Under: Custom Duty |

CAG Point out various Income Tax Provisions getting misused related to Medical Sector

We recommend CBDT to consider prescribing measurable parameters for assessment of charitable activities undertaken by private hospital trusts as a pre-condition for granting exemptions under the Income Tax Act, and amend the Act for this purpose if necessary....

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Posted Under: Custom Duty |

Summary of CAG Audit Report on Audit of Medical Sector

This performance audit covered the assessment of private hospitals, nursing homes/medical clinics, medical colleges/research institutes, diagnostic centres, pathological labs, medical supplies agencies/stores including those running on ‘not for-profit basis’, and healthcare delivery professionals which included cases of scrutiny asses...

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Posted Under: Custom Duty |
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