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: VAT RATES :: TDS :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: form 3cd :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: VAT Audit :: articles on VAT and GST in India :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt
Budget Extravaganza »
 Budget advancement helps Centre, states start spending early
 Five things that you can expect from the Mumbai civic budget today
 GST all set for July 1 rollout but casts shadow on state budgets
 Income-Tax collection revised in Rajasthan budget
 No new taxes likely in Maharashtra Budget
 H.P. budget devoid of any financial prudence
 GST, demonetisation todecide budget priorities
 Railways to come up with mini-budget tomorrow
 Budget today, but GST kills the tax suspense
 Budget 2017 does little to expand taxpayer base, salaried still bear brunt of taxes
 Six things Finance Minister did not tell you in Budget 2017

CAG raps Railways for overshooting budget, giving low priority to safety
May, 17th 2012

The Comptroller and Auditor General has pulled up the Indian Railways for its poor financial performance, saying the transporter has been overshooting its budget year after year. "The percentage of expenditure in excess of limits authorised by Parliament has increased in the last three years from 1.88% in 2008-09 to 4.14% in 2010-11," the CAG said in its audit of 2010-11.

It said the railways took "weak actions" over the announcements made in the railway budget and did not present any statement of fiscal policy in Parliament as mandated in the Fiscal Responsibility and Budget Management Act.

The CAG said despite ending the year with a higher net surplus over the previous year, the railways' actual net surplus in 2010-11 was 56% less than the budget estimates and total fund balances declined by 93%. Because of the less revenue surplus, the money allocated to depreciation reserve fund (used for repairs and renewal of assets), development fund and capital fund have been less than the budget estimates. The CAG also found a huge gap in the budget as formulated and the budget as executed.

"Transparency requires that final accounts should be fully reconciled with the subsidiary records maintained by the organisation. It was, however, seen that total value of railway assets as shown in the budget documents do not match with the assets shown in the Balance Sheet," the CAG said.

The CAG also said that the railways was giving "low priority" to safety-related works. "Though sufficient funds were available, large number of road over-bridge and road under-bridge works were pending as on March 2011 and the actual budget allocations reflected low priority due to inadequate commitment by the railways," the report said.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Bath SEO Company Birmingham SEO Company Bradford SEO Company Brighton and Hove SEO Company Bristol SEO Company Cambridge SEO Company Canterbury SEO Company Carlisle SEO Company Chester SEO Company Chichester SEO Company Coventry SEO Compan

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