Audit Reports

Report No. 9 of 2014 (Performance Audit) Chapter III: Policy implementation issues 3.1 As per paragraph 1.1 of HBP vol 1, DGFT notifies the schedule of DEPB rates. Further, as per paragraph 2.4 of FTP, DGFT may specify procedure to be followed for an exporter or...............

Report No. 9 of 2014 (Performance Audit) Chapter IV: Cases of operational malfunction 4.1 Incorrect utilisation of DEPB duty credit Paragraphs 2.12 and 2.12.3 of HBP, vol 1 stipulate that the validity of DEPB authorization shall be 24 months from the date of...............

Lawngtlai Mizoram 80.15 Yes 2. Bokaro Jharkhand 80.23 Yes 3. Debgarh Odisha 80.34 No 4. Khagaria Bihar 80.99 No 5. Banda Uttar Pradesh 80.02 Yes 6. Muzaffarpur Bihar 81.21 No 7. Lakhisarai Bihar 81.89 Yes 8. South Garo Hills Meghalaya 82.03 No 9. Karbi Anglong Assam 82.06 No 10................

Scope of Projects under RGGVY The proposal for approval of a project by the Monitoring Committee (MC) involved the following steps relating to DPR, which was to be : (i) formulated by the concerned PIAs, (ii) recommended by the respective State Government in accordance with the guidelines,...............

stated that the system exists as the Ministry of Corporate Affairs had provided access to Chief Commissioners and DG (Audit) for accessing the MCA-21 Portal. Audit recommends that the Ministry may pursue the matter of extending the access to data on Ministry of Corporate Affairs portal to...............

Under reverse charge method, a legal fiction is created as if the recipient had himself provided the services domestically and accordingly, the recipient of service is treated as deemed service provider.2 ST liability in respect of import of services is now recognised as effective from 18 April...............

Report No. 8 of 2013 (Performance Audit) Chapter 3: Audit Findings and recommendations Statement of Revenue forgone did not include tax expenditure on drawback, deemed export drawback and TED. There was no separate head of accounts for interest payment. 3.1 DoC...............

The Finance Minister in his Budget Speech in the year 1984 and Central Board of Direct Taxes (CBDT) vide its circular2 of 1985 explained the rationale for introducing compulsory audit under Section 44AB of the Act as "intended to ensure that the books of account and other records are...............

of contributions, recovery of arrears, un-reconciled challans, non-reconciliation of bank account statements, non-recovery of interest on delayed credits by bank and budgetary processes. Audit also examined whether existing governance structure at Central and State level, were...............

C&AG Comptroller and Auditor General of India CGI Consulate General of India CNE Committee on Non-Plan Expenditure CPWD Central Public Works Department EAM External Affairs Minister Eol Embassy of India FAR Floor Area Ratio FS Foreign Secretary FSI Foreign Service Institute GOI Government...............

Wage limit for coverage of employees under EPF Scheme was 6500 which has been continuing since June 2001, thus denying the benefit of EPF to a large number of employees with wages more than this limit. Wage limit for ESI i.e. another social security scheme was also X 15,000. EPFO stated...............

for system of accounts prescribed under the EPF Scheme for maintenance of establishments and employee’s members master files, maintenance of data and particulars of employees enrolled as PF members, their cessation and nomination. 5.2 Minus balances Subscribers’ accounts reflect balance...............

Firms are governed by India Partnership Act, 1932. The Income Tax Act, 1961 (Act) provides various exemptions and deductions to the Firms. Income Tax Department (ITD) has the responsibility to oversee that the conditions specified in provisions of the Act for availing exemptions/ deductions are...............

Apart from the corporate sector, large business is also organized as partnership Firm. The Income Tax Act, 1961 (Act), does not define the term 'Firm'; however, section 2(23) of the Act states that Firm, Partner and Partnership have the meanings respectively assigned to them in the Indian...............

to incorrect allowance of exemption/deduction, capital gains, carry forward and set off of losses, computation of income, incorrect allowance of depreciation etc in the assessments of Firms made by the ITD. Several sections of the Act dealing with generic issues in the context of revenue...............

We have tried to highlight the control issues of the ITD by checking records available at the CsIT30 relating to the Firms. ITD did not carry out inspections/quarterly reviews of records maintained for the Firms diluting the importance of monitoring. 5.2 Monitoring Section 119 of the Act provides...............