CAG

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

Service Tax - 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

Service Tax - 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

Service Tax - 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

Service Tax - 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

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

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

Service Tax - 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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Summary of CAG Audit Report on Audit of Medical Sector

Service Tax - 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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Provisional panel of CA Firms/LLPs with C&AG for 2017-2018

Service Tax - The Office of C&AG is hosting the Provisional Panel of Chartered Accountant firms/LLPs for the year 2017- 18 for indicating the position (detailed point score) of the firms....

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Prescribe procedure & criteria for TDS returns verification: CAG

Service Tax - 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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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 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...

Read More
Posted Under: Income Tax |

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: Income Tax |

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 […...

Read More
Posted Under: Income Tax |

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....

Read More
Posted Under: Income Tax |

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...

Read More
Posted Under: Income Tax |

Provisional panel of CA Firms/LLPs with C&AG for 2017-2018

The Office of C&AG is hosting the Provisional Panel of Chartered Accountant firms/LLPs for the year 2017- 18 for indicating the position (detailed point score) of the firms....

Read More
Posted Under: Income Tax | ,

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 |
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