CAG articles

Know your Empanelment/ Audit Allotment Status with CAG

A CA firm who applied for empanelment with CAG for Financial Year 2012-13 can check the status of his Empanelment & Audit work allotted by following the procedure given below :- ...

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GST on Audit Services by CAG to Ports

CAG is one of the pivotal offices in the Government of India who controls the entire financial system of the country. The appointment of CAG is done by President of India under Article 148.  President of India is the Executive head of the Union of India.  Audit is conducted by CAG under section 18 of the Comptroller & Auditor General’...

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Posted Under: CA, CS, CMA |

How to do Follow up of CAG Report- Department Guide

In this series, one of the important areas covered is CAG Reports. There is a general tendency to look at CAG Report as an additional burden but we have to understand that the CAG Report gives lots of insights in the functioning of the department and gives pointers to improve the system. ...

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Posted Under: CA, CS, CMA |

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. ...

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Posted Under: CA, CS, CMA |

Extend date for CAG empanelment of Chartered Accountant firms

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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Posted Under: CA, CS, CMA |

Loopholes in Prosecution & Penalties in Central Excise & 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

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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Posted Under: CA, CS, CMA |

CAG reports on incorrect valuation of excisable goods

During the course of this audit, we observed 25 cases of incorrect valuation of excisable goods with duty impact of Rs. 547.93 crore. These had not been detected by departmental compliance verification mechanisms prior to Central Excise Receipt Audit (CERA) pointing out the same....

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Posted Under: CA, CS, CMA |

CAG Report on Central Excise Administration in Automotive Sector

The performance audit revealed certain inadequacies in the extant provisions, system as well as compliance issues relating to the assessment and collection of duty from the Automotive Sector....

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Posted Under: CA, CS, CMA |

CAG Reports non-adherence to Income Tax provisions by CAs

We found cases (a) where the CAs failed to report full and correct information in 367 cases leading to short levy of taxes of Rs. 2,813.11 crore and (b) where the AOs failed to utilize the information available in 102 reports/certificates submitted to them leading to short levy of taxes of Rs. 1,310.05 crore....

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