Audit Reports

Tax (three projects) 4.89 Kashmir On being pointed out, it was stated by PIA that the matter regarding reimbursement of the amount paid on this account has been taken up with the State Government. 4. Karnataka VAT and Work Contract Tax 3.16 In Belgaum and Uttara Kannada Projects, the......

The cost increase on account of left over work as per the scope of RGGVY in the case of only these 51 projects was 8,312.38 crore. MOP modified the subsidy and loan components of AEOLVOCH as per RGGVY norms. Action to revise DPRs so as to achieve the objectives of the RGGVY was taken during......

funds remained with PIAs, an amount of 337 crore towards interest earned by PIAs on unutilized funds remained to be remitted to the Government account as of August 2013 and thus, did not further the cause of RGGVY. (Para 1.5, 4.3.2 and 4.5) (x) REC did not link the terms of release of funds......

formulation of projects under RGGVY issued by REC required submission of a business plan98 giving details of cash outflow, for the next 15 years, on account of investment99, operation cost100 and cost of bulk power (input) as well as cash inflow from category-wise sale of power to consumers,......

After carrying out survey during the process of implementation of projects, the number of un-electrified villages were reduced to 1,10,886 on account of various reasons like already electrified, remote villages, under deep forest, works proposed under Ministry of Non-Conventional Energy......

funds remained with PIAs, an amount of 337 crore towards interest earned by PIAs on unutilized funds remained to be remitted to the Government account as of August 2013 and thus, did not further the cause of RGGVY. REC did not link the terms of release of funds with achievement of physical......

Maira committee in its report (February 2010) stated that domestic manufacturers suffered disadvantages to the tune of around 14 per cent on account of Sales tax/VAT (5 to 6 per Report No. 26 of 2013 cent), higher financing cost (2.4 to 3.2 per cent), low customs duty on foreign competitors'......

Audit examined the details of working of the delivery index furnished by the Management and observed 54 As per Annual accounts of respective years 55 Based on the installed capacity (in MW) of three manufacturing units viz HPEP-Hyderabad, HEP-Bhopal and HEEP-Haridwar as reflected in the Annual......

Therefore, it is essential that the estimates are worked out in a realistic and objective manner by taking into account latest costs. During review of 174 selected purchase orders, it was observed that in 59 purchase orders22 23, in the absence of laid down procedure for preparation of cost......

target of completion of schemes by BHEL per Monthly progress be executed planned all planned in its Annual reports submitted by units schemes schemes Accounts/Directors' to Corporate office of Report BHEL XI 17 15,000 MW December 2009 March 2011 3 out of 17 schemes were yet Pa- to be completed......

the fact that figures taken by the management were as per the Directors' Report included in the annual report and not as per the audited annual accounts of BHEL. On verification by Audit, it was observed that the figures indicated by the Management also included expenditure of 167.62......

information gathering Source: (i) CBEC (for number of assessees) (ii) CSO (for GDP at techniques adopted, we current market prices) (iii) Finance Accounts (for ST) decided to look into the aspect of availability of information relating to potential assessees and the sources of information......

Year FEMA Foreign Exchange Management Act ITD Income Tax Department LTU Large Taxpayer Unit NSDL National Securities Depository Limited PAN Permanent Account Number RBI Reserve Bank of India SCN Show Cause Notice TDS Tax Deducted at Source TIN Tax Information Network 33......

There was no separate head of accounts for interest on delayed payments. 2.1 The tax expenditure on STP/EHTPs is made under the Major Head '3453 - Foreign Trade and Export Promotion; 800 Other Expenditure; 18 Expenditure Incurred departmentally; 00.50 Other Charges' of DeitY, whereas, for......

Corresponding states' share on account of Central share deduction which would have been contributed by them worked out to be 810.08 crore. This resulted in denial of assistance to 7.25 lakh targeted beneficiaries. (Para 5.3) Multiple bank accounts (from 2 to 20) were operated in......

9.3 Mode of payment According to the IAY guidelines, funds under IAY should be transferred only directly into the beneficiaries account in a bank or post office. A total number of 22,946 beneficiaries (77 percent) responded about receipt of financial assistance though bank/post office......

The Report has taken into account the replies furnished by the executing agencies at different levels. 2.1.2 Audit Objectives The performance audit of the IAY was undertaken to ascertain whether: The systems and procedures in place for identification and selection of the IAY......

stated (July 2014) that for allocation of funds to the states, the housing shortage as assessed by the Department of Census Operation was taken into account. This procedure was followed for fixing of physical targets at district and block/GP level. However, for identification of beneficiaries, a......

Delay in releasing instalments, inadequate funds, un-awareness regarding the IAY waitlist and long waiting period, non-opening of bank account and lack of awareness about the exact terms and conditions of the IAY, revision of the criteria for BPL, ineffective role of Gram Sabha in......

Audit noted that funds remained in the account of respective ZPs (RD Cell) till January 2014. Thus, 68,578 beneficiaries were deprived of the benefit of homestead incentive. Tripura For implementation of homestead scheme no land was acquired by the state, the traditional forest dwellers who were......

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 properly maintained and faithfully reflect the true income of the taxpayer". The objective of reporting/certification......

Tax audit under Section 44AB under the Act was introduced in 1984 in order to ensure that the books of account and other records of the assessees are properly maintained and faithfully reflect the true income of the taxpayer. The objective of reporting/ certification is to discourage tax......

Audit) Chapter III: Systemic Issues and Controls 3.1 Introduction Income Tax Act, 1961 (Act) prescribes for tax audit and certification by Accountants under provisions of the Act. Accordingly, various Forms (details in Appendix 1) have been devised for the purpose of tax audit and......

32 of 2014 (Performance Audit) Annexure-I (Refer paragraph No. 1.3) Legal Framework Reports/certificates that are required to be issued by an Accountant and submitted by the assessees along with his return of income for claiming deduction/exemption etc. under various specific provisions of......

examined income and expenditure statements, collection 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......

5.6 Excess payment on account of electricity load The ESIC hospital, Noida increased its electricity load from 389 KVA to 4025 KVA with effect from July 2011 consequent upon the commencement of functioning of its new hospital building. The billable demand was 75 percent of total contracted load......

Important findings of the Performance Audit Report are given below: Outstanding dues on account of contribution from covered estab-lishments amounted to ?1655.42 crore as of March 2013, of which ?1001.82 crore was not recoverable. (Para 2.1.2) Non-initiation of timely action to......

for already covered establishments to ensure that all coverable employees are covered and to ascertain whether all components of wages are taken into account for payment of contribution. Under Section 45 of the Act, the SSOs have been vested with duties, functions and powers for examination of......

The depreciation worked out at the rates prescribed under the Companies Act, 1956 is debited to the Profit and Loss account of a company to determine the true profit or loss of the business or the true cost of production etc. and ultimately is available for replacement of capital assets. It has......

Company Ltd., for AY 10, at loss of 239.39 crore after disallowing depreciation of 12.49 crore claimed on capital subsidy / grant received on account of fixed assets. The assessee filed revised depreciation statements for AY 09, showing closing WDV at 231.33 crore and accordingly the......

The condition for allowing such deduction is that such deficiency is actually written off in the books of account. 32(2) In case of inadequate profit or loss any depreciation which could not be fully allowed for want of profit, the amount which could not be given full effect of shall be......

for the AY 10, had claimed and was allowed deduction of 144.45 crore on account of amortisation cost under Section 35ABB in respect of fixed licence fees. 37 Report No. 20 of 2014 (Performance Audit) This included amortised cost of f 34.23 crore in respect of licence fee off 684.59 crore......

year Section 44 AB of the Act requires the assessee to furnish Tax Audit Report (TAR) in Form No 3CD vide Rule 6G(2) of Income Tax Rules, 1962 by an accountant along with the return of income. Further, Clause 14(d) of TAR requires the assessee to furnish the details of additions to/deletions from......

Summary of Recommendations vii D. Chapter 1: Introduction 1-5 D.l Introduction 1 D.2 Organizational set up 1-2 D.3 Revenue forgone on account of accelerated depreciation 2-3 D.3 Why we chose the topic 3 D.4 Audit Objectives 3 D.5 Audit scope and sample size 4 E. Chapter II: Systemic issues......

with schedule of receipts received from banks to get delayed remittances which constitute default by hanks (Para 4.5.3 of the Manual of Accounting Procedure, Part 1- General). Thus, DCBR is an important control register and is required to be maintained properly. Test check of records......

Report No. 32 of 2013 r \ Chapter-V: Maintenance of Subscribers9 Accounts V_) 5.1 Maintenance of Accounts The Manual of Accounting Procedure provides for system of accounts prescribed under the EPF Scheme for......

has been more than its expenditure on running of schemes. (Paragraph 2.1.3) The balance in the ‘Interest Suspense Account’ increased consistently from X 12445.29 crore in March 2007 to X 22461.15 crore in March 2011. (Paragraph 2.3) The EPFO did not follow prescribed pattern of......

Scheme, 1952; Employees’ Deposit Linked Insurance Scheme, 1976; Employees’ Pension Scheme 1995; Manuals of EPFO such as Manuals on Accounting Procedure, Inspector Manual, Recovery Manual; Rules and regulation of Government of India including General Financial Rules, 2005;......

Also, EPFO was not found to be very encouraging towards voluntary coverage of its schemes. The Interest Suspense Account balance was not a true reflection of sums available for distribution as interest to subscribers, in the absence of updation of about 38.74 lakh subscribers’ accounts......