Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: cpt :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: VAT Audit :: list of goods taxed at 4% :: VAT RATES :: due date for vat payment :: ACCOUNTING STANDARDS :: empanelment :: TAX RATES - GOODS TAXABLE @ 4%
 
 
News Headlines »
 How to link your Aadhaar and PAN details to file income-tax returns
 How to calculate capital gains tax on property sold at less than stamp value?
 Return Filing - Under GST, this is how you will file tax returns from July 1
 Income tax filing FAQs part 1
 Filing Income Tax Returns? Things To Keep In Mind As Deadline Approaches
 Filing of online return for 4th quarter of 2016-17- extension of period thereof.
 New tax accounting standards may reduce leeway for infrastructure companies
 GST – CONCEPT & STATUS – As on 01st May, 2017
 Govt extends VAT deadline, relief for developers
 Income Tax Appellate Tribunal Rules, 2017
 Got your Form 16? You should file income tax returns early to enjoy benefits

Petroleum ministry urges CAG for special audit of oil & gas blocks
November, 23rd 2007
The petroleum ministry has asked the Comptroller and Auditor General of India (CAG) to conduct special audits of the oil and gas blocks awarded to companies under the pre-NELP and NELP regime. This will be in addition to regular audits.

As some of the blocks have large government stakes in the form of royalty and profit petroleum, concerns have been voiced recently over the capital expenditure being incurred by some contractors in developing projects awarded under NELP.

The most recent instance relates to the doubling of capital expenditure in the Krishna-Godavari basins D6 block of Reliance Industries Limited (RIL) to over $11 billion from $5.2 billion. Although RIL also doubled its gas production profile from the earlier 40 million metric standard cubic meters a day (mmscmd) to 80 mmscmd, eyebrows were raised over the significant companys significant jump in capital expenditure.

Sources revealed, besides the D6 block of RIL, the audit by CAG would also cover some of the recent discoveries announced by ONGC and GSPC in the K-G basin.

Keeping in view the recommendations (of the Cabinet secretary), the large stakes of the government and the sensitivity of the matter, we request that CAG may conduct special audits of the blocks for the years for which regular audit has already been carried out, petroleum secretary MS Srinivasan wrote to the CAG, VN Kaul, on November 13.

The production-sharing contracts for the blocks provide a mechanism for monitoring costs and audit by a qualified firm of recognised chartered accountants. It was, however, recently mentioned by the Cabinet secretary in his report on pricing of gas produced from RILs D6 block that the existing monitoring and audit mechanism of the government needed to be strengthened.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Multimedia Presentations Multimedia Solutions 3D Solutions Corporate Presentations Business Presentations Multimedia Presentation India M

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions