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Extension of last date for empanelment with CAG to 25th Feb

The last date for submission of online application form for Empanelment with O/o C&AG for the year 2015-16 for audit of PSUs is extended to 25th February, 2015 as a one time relief. Online application can be filled at at the earliest to avoid the last minute rush as no further extension would be made.  Further, the last date for receipt of documents at O/o C&AG is 16th March, 2015 which would not be extended under any cir..

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No Service Tax Audit by Department or CAG

Dear Professional Colleague,   No Service Tax Audit by Department or CAG We are sharing with you an important judgment of the Hon'ble Delhi High Court in the case of Travelite (India) Vs. Union of India & Ors. [W.P. (C) 3774/2013, C.M. No. 7065/2013] on the following issue:   Issue: Whether Rule 5A(2) of the Service Tax Rules, 1994 is ultra vires the provisions of the Finance Act, 1994 ("the Finance Act")?   Whether CBEC Instruction No: F.No.137..

Posted in articles |   2 comments |   13812 Views

CAG of India Takes Over as Member of UN Board of Auditors

The Comptroller & Auditor General of India today assumed office as Member of the United Nations Board of Auditors for a six year term upto June 2020. Shri Shashi Kant Sharma took over the charge of this prestigious position from Mr. Liu Jiayi, the Auditor General of the People’s Republic of China at the United Nations Headquarters at New York today. Shri Sharma was elected to this position defeating Philippines by a convincing margin of 62 votes in November 2013.  &..

Posted in news |   5 comments |   22323 Views

CAG is duty bound to Report to Parliament Matters Involving Revenue Sharing

Our Long Time Stand that CAG has Constitutional Mandate to Audit Private Firms has been Vindicated by the Hon’ble Supreme Court says Shashi Kant Sharma   The recent ruling of the Honorable Supreme Court is a landmark one and has removed, once for all, the doubts on the constitutional mandate to audit private firms by the CAG so far as it relates to revenue sharing with the Government. Our long time stand, that an entity using public resources in its business and sharing revenue ..

Posted in news |   1 comments |   15312 Views

Audit By Dept. Officers- CAG- Are they legal?

The Central Excise as well as Service Tax have been amended post liberalization to follow the self assessment scheme. It means that the return is accepted as correct. However as a check against filing incomplete, incorrect, faulty returns there are provisions for  search & seizure as well as summon for giving evidence.   In addition at times the Special audits in case of suspected revenue leakages or irregular cenvat credit the appropriate officer can get the same audite..

Posted in articles |   10602 Views

Shri Shashi Kant Sharma Takes Over as CAG of India

  Shri Shashi Kant Sharma assumed the office of Comptroller and Auditor General of India here today. He took over this office after the President of India, Shri Pranab Mukherjee administered him the oath of office and secrecy. He belongs to the 1976 batch of Indian Administrative Service (Bihar Cadre). Shri Sharma was welcomed in the office by the Deputy CAG Shri Shankar Narayan on behalf of the Indian Audit & Accounts Department.   Shri Shashi Kant Sharma has wide e..

Posted in news |   5 comments |   18987 Views

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