CAG - Page 7

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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CAG Report On Performance Audit On Central Excise And Service Tax

This Report for the year ended March 2011 has been prepared for submission to the President of India under Article 151(1) of the Constitution of India. Audit of Revenue Receipts – Indirect Taxes of the Union Government is conducted under the Section 16 of the Comptroller and Auditor General of India (Duties, Powers and Conditions [&hell...

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Posted Under: Finance |

CAG pulled up Income Tax Department for not recovering tax arrears worth over Rs 4,500 crore

The CAG has pulled up the Income Tax Department for not recovering tax arrears worth over Rs 4,500 crore from various entities due to a lack of coordination between two of its wings. The government auditor, in its latest report tabled in Parliament, said it found several cases where the Assessing Officers (AOs) did not communicate update...

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Posted Under: Finance |

Government has tax demand of Rs 1.96 lakh crore of which 84 per cent cannot be realised – CAG

In a startling revelation, official auditor CAG today said the government has a huge tax demand of Rs 1.96 lakh crore, of which 84 per cent cannot be realised due to various reasons like death, insolvency and liquidation of company. Out of Rs 1.96 lakh crore, the arrear demand reported by DIT ( Department of Income Tax) Recovery, a major...

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Posted Under: Finance |

CAG of India Appointed External Auditor OF IAEA and WIPO

The Comptroller and Auditor General of India (CAG) has been appointed as the external auditor of two major UN organizations - the International Atomic Energy Agency (IAEA), Vienna and World Intellectual Property Organization (WIPO), Geneva. Both these organizations have traditionally been the stronghold of the developed world and it is fo...

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Posted Under: Finance |

CAG's Audit Advisory Board (AAB) Constituted

A new Audit Advisory Board (AAB) has been constituted under Comptroller & Auditor General of India, Shri Vinod Rai, who is the ex-officio Chairman of the Board. The main function of the Board will be to advise the Comptroller and Auditor General of India in matters relating to audit and suggest improvements in the performance and focus of...

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Posted Under: Finance |

Have powers to go into 2G, profit-sharing in petroleum – CAG

Facing questions over jurisdiction, Comptroller and Auditor General (CAG) Vinod Rai has said the watchdog has got 'unfettered' powers to conduct 'performance audit' which includes going into issues like 2G spectrum allocation and profit-sharing in petroleum. Referring to the controversy surrounding gas allocation from KG-D6 basin, he said...

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Posted Under: Finance |

CAG may review transfer pricing case, says I-T dept

Transfer pricing cases will now be subject to audit by the Comptroller and Auditor General (CAG) of India, Director General of Income Tax (DGIT) RN Dash said while addressing a seminar organised by Assocham. Multinational corporations often use transfer pricing as a tool to shift cost of input from one country to another to avoid payment ...

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Posted Under: Finance |

Bihar finance – CAG finds irregularities for 2009-10

Non-submission of detailed contingency (DC) bills worth Rs 11,854 crore, defalcation and loss to the tune of Rs 407.97 crore up to March 2010 are among the highlights of the CAG report on Bihar finances for 2009-10. Talking to reporters, Principal Accountant General (Audit), Bihar, P Dinaraj said that of Rs 14,272 crore drawn on 58,423 ab...

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Posted Under: Finance |

CAG recommends tighter tax norms for film, television industry

Government auditor CAG today recommended tighter tax norms, including mandatory TDS, for the Indian cinema and television industry, which is estimated at over Rs 36,000 crore. Concerned over tax evasion and the need to widen tax base, the Comptroller and Auditor General (CAG) in its report tabled in Parliament, suggested that payments fo...

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Posted Under: Finance |

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