CAG - Page 5

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 |

CAG Report on Working of Automation of Central Excise and Service Tax

We conducted the Performance Audit to seek an assurance whether the objectives of Automation of Central Excise and Service Tax (ACES) framed by the department have been achieved. We also examined the extent of utilisation of ACES in the field formations of the Board. The Performance Audit was conducted in 40 selected Commissionerates apar...

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Posted Under: CA, CS, CMA |

CAG Report on wrong Availment of Service Tax Exemptions

Availment of Exemptions Under section 93 of Finance Act, 1994, the Government is empowered to exempt generally or subject to such conditions as may be specified in the notification, taxable service of any specified description from the whole or any part of the service tax leviable thereon. During the course of this performance audit we [&...

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Posted Under: CA, CS, CMA |

CAG report on irregular Availment/Utilisation of Cenvat Credit

Availment/Utilisation of Cenvat Credit A provider of taxable services can, in terms of rule 4 of the Cenvat Credit Rules, 2004 avail credit of excise duty paid on inputs and capital goods and service tax paid on any input service. The credit can be utilised towards payment of service tax subject to the fulfilment of […]...

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Posted Under: CA, CS, CMA |

CAG report on non/short-payment of service Tax

Section 67 of the Finance Act, 1994, envisages that where the provision of service is for a consideration in money, value of taxable service shall be the gross amount charged for such service. During the course of this performance audit we observed 145 cases of non/short-payment of service tax of Rs.  44.74 crore. Out of […]...

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Posted Under: CA, CS, CMA |

National Audit Cannot Be Compromised For International Audits Says CAG

Stating that there is a significant difference between the audit environment in India and in the international institutions the CAG advised to use appropriate language while drafting the management letters. He further advised the Audit fraternity to maintain professional scepticism and strike a fine balance; be open‐minded and carefully...

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Posted Under: CA, CS, CMA |

CAG Hiring Chartered Accountants on Short Term Contract Basis

Applications are invited from Chartered Accountants who are willing to work in this office against the vacancies in the cadre of Assistant Audit Officers on short term contract basis. Job description, remuneration payable and other terms and conditions are given below :...

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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 |

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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