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: empanelment :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: cpt :: VAT Audit :: articles on VAT and GST in India :: TDS :: VAT RATES
 
 
« News Headlines »
 Seven things you must do before 31st March
 Income Tax saving investments: Top 5 options available for high-income individuals
 How to use zero tax rule on long term capital gains on stocks
 GST Returns - Furnishing details of inward supplies
 5 ways to maximise you income tax return
 Income-tax (2nd Amendment) Rules, 2017
 Soon, Faster PAN, An App For Filing Tax Returns
 Changes in income tax return filing process
 New Income Tax Rates And Deductions Applicable From April 1, 2017
 Tax and transparencya
 No decision yet on imposing tax on cash transactions

Shortcomings in tax reports
July, 14th 2009

The Comptroller and Auditor General (CAG) of India has pointed out nearly 20,000 shortcomings involving more than Rs 12,000 crore in effected direct tax revenue during the 2007-2008 fiscal years audit of the union government. Of the shortcomings in the centres tax reports, 860 are referred to as major irregularities amounting to more than Rs 1,570 crore in losses. Most of these relate to simple accounting negligence, though there are a few cases of intended manipulation for personal and sectoral gains.

Of the lost revenue, the government has recovered more than Rs 216 crore so far. Concerns over indirect taxes, including central excise tax, service tax and customs receipts amounted to Rs 4,329 crore in revenue during the same fiscal year. In line with the deficiencies found in the indirect tax systems, CAG made about 30 recommendations. The government has accepted 90 per cent of the recommendations. As a result, the government has amended acts/rules addressing the concerns raised through earlier audits, said B B Pandit, director-general, CAG.

Keeping in mind the audits findings, the 2009 Finance Bill proposes to amend the Income Tax Act by disallowing contracts on projects funded solely by the government and amending cap profit by artificially inflating them.

 
 
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