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: due date for vat payment :: ACCOUNTING STANDARDS :: TDS :: VAT Audit :: empanelment :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: list of goods taxed at 4% :: ACCOUNTING STANDARD
 
 
ę News Headlines »
 Income-tax (17th Amendment) Rules, 2017
 GST: One nation, one market, one tax
 Ready or not, businesses brace for biggest-ever tax reform
 Ready or not, businesses brace for biggest-ever tax reform
 Make your inventory and invoicing software GST Ready from Binarysoft
 Filing income-tax returns gets simpler for salaried persons
 Ten rules you must follow while filing income tax returns
 Reforming the income tax tribunal
 How the new system might impact consumers and businesses
 10 ways you get benefited from filing your tax return
 Returns under CGST Act,2017 with Rules

After CAG rap, CBDT asks its audit wing to plug holes
August, 12th 2015

After reports of deficiencies in assessment orders of top corporate cases, the Central Board of Direct Taxes (CBDT) has asked its internal audit wing to take up top 100 cases under each commissioner to mandatorily audit their assessment orders every year.

The Comptroller and Auditor General had carried out random review of assessment orders of top cases till December 2014 and reported to the CBDT about deficiencies in Income Tax department's own checks through its internal audit wing.

A CAG report on review of I-T's audit mechanism, tabled in Parliament on Tuesday, raised issues of lack of monitoring of internal audit by CBDT. It said in several cases despite the internal audit raising objections, the I-T officials settled cases involving tax effect of more than Rs 500 crore.

The CBDT has now revised the annual target of assessment orders to be audited by each officer in the audit wing raising it from 50 to 150 cases to ensure selection of top 100 cases under each commissioner.

"CAG audit teams found deficiencies in assessment orders which had already passed the checks of the I-T audit wing. We have brought this to the notice of the authorities," a senior CAG official said. The control issues and lack of monitoring mechanism in the I-T's internal audit wings and at regional supervisory level have been pointed out in the CAG report.

The central action plan of the I-T for the first quarter of 2015-16 has already outlined timeframe for annual target of cases to be audited, making sure top 100 cases are picked up for review in each region.

The CAG performance audit was intended to check the effectiveness of I-T's own audit mechanism and how successful it was in enhancing the quality of assessments and to ascertain whether there is efficient follow-up mechanism of internal audit findings and recommendations.

Among other issues raised by the federal auditor, it said there was no action plan drawn by at least 17 commissioners holding audit charges and thus no clarity on which cases to be audited by the internal audit teams or a time frame to do so.

"As database relating to selection of auditable cases based on prescribed norms is not being maintained, the coverage of high risk cases in internal audit could not be ascertained," CAG observed.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System developers CMS developers Content Management Solutions CMS Solutions CMS India Content Management System India CMS development India Website CMS Website Content Management India Portal CMS India CMS Outsourcing CMS Vendor Complete CMS Custom CMS Services

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