The government has paid commitment charges of Rs 86.11 crore (Rs 861.1 million) during 2009-10 in the form of penalty for not timely utilising the aid approved by multilateral and bilateral lending agencies.
The Comptroller and Auditor General of India report for 2010-11 on direct taxes, tabled in Parliament on Friday, revealed that 958 lakh (95.8 million) PANs were issued up to March 2010 but IT returns filed in the last fiscal were only 340.9 lakh (34.09 million).
Navy has refused to disclose any details about procurement of six phased-out helicopters from the US worth Rs 182 crore for which it recently received a rap from the Comptroller and Auditor General.
The Comptroller and Auditor General, whose report on a presumed loss of Rs 1.76 lakh crore in 2G spectrum allocation created a storm in Parliament, will appear before the Public Accounts Committee on Monday.
The Comptroller and Auditor General, whose report on a presumed loss of Rs 1.76 lakh crore in 2G spectrum allocation created a storm in Parliament, will appear before the Public Accounts Committee on Monday.
Karunanidhi was convinced that using the 2G cases against the DMK and reopening the fodder case against Lalu Prasad Yadav were products of the Congress leadership's short-sightedness. A revealing excerpt from A S Panneerselvan's Karunanidhi: A Life.
The CBI on Wednesday directed him to contact the embassy of India in a country where he is staying so that his travel to India can be arranged
The Institute of Chartered Accountants of India has recommended strict penal action, including imprisonment, for auditors who are found associated with serious accounting frauds.
Apex auditor CAG on Friday lamented that private telecom operators are not providing their account books to it, despite a request from the government.
Institute of Chartered Accountants of India has sought broad-ranging information about the association of its member institutions with foreign auditing firms.The move assumes significance following the accountancy fraud by the promoters of Satyam Computers that brought the role of auditors under scrutiny. The auditors concerned were associate firms of international auditing entity PricewaterHouseCoopers.
Government auditor CAG on Friday pulled up the Income Tax Department (ITD) for allowing irregular tax exemption to two Tata trusts involving tax implication of over Rs 1,000 crore (Rs 10 billion).
ONGC, Hindustan Petroleum, Bharat Petroleum, Indian Oil and Oil India listed the spending as part of their mandatory CSR commitment, but CAG noted that the Sardar Patel statue did not qualify for CSR funding.
Job opportunities arise as companies try to cut costs and conform to laws, says Joyita Chatterjee.
The DoT had last week sent a detailed reply to all the issues raised by the CAG.
The Ministry of Corporate Affairs (MCA) has shelved its idea of auditing the books of listed companies by independent auditors.
The only reason for the new deal is to give Rs 30,000 crore to industrialist Anil Ambani, the Congress chief alleged.
The guidelines listed several services including government and private offices that will be out of bounds during the period, while exempting establishments such as hospitals, ration shops, dairies, banks, insurance offices, and print and electronic media. Delivery of all essential goods including food, pharmaceuticals, medical equipment through e-commerce has also been exempted from the purview of the lockdown.
'The Modi government has been taking credit for improvement in respect of the ease of doing business in India.' 'But when I look at the scams I cannot help feeling that it is too easy to do business with banks in India, if one is a Harshad Mehta, Vijay Mallya or Nirav Modi and their tribe,' says former Union home secretary Madhav Godbole.
Reliance Capital has two credit verticals -- Reliance Commercial Finance and Reliance Home Finance -- with a cumulative asset of over Rs 25,000 crore.
'The web of transactions is so complex that it requires expertise to understand the strategies involved in each fraud.'
Effective tax rate is the portion of profits which companies pay as corporate tax after seeking exemptions, as against the statutory tax rate of 33.9 per cent.
Even the CBI has filed a case against some unknown officials of the DoT for conniving with private companies for manipulation of licence terms and conditions.
Vodafone Idea Ltd (VIL) CEO Ravinder Takkar did some plain speaking. In an analyst call after its quarterly results recently, Takkar said that the main stumbling block to raising fresh capital from investors is "pricing" - telecom tariffs, in other words. Nine months ago, the telecom company's board had cleared a proposal for raising Rs 25,000 crore from investors, after the promoters made it clear that they were not ready to pump in more money. But potential investors are concerned that without clarity on tariff hikes (there have been none for more than 18 months) they might just lose their money. The lack of visibility on raising tariffs has also impelled VIL to request the Department of Telecom (DoT) for a fresh reprieve by extending the two-year moratorium on paying its spectrum instalment of Rs 8,200 crore for another year till FY23.
Deloitee is also the statutory auditor for Tech Mahindra, which acquired Satyam Computer through an open bid in April this year.
With audits being taken up in a host of areas including private firms now, the process demands trained manpower.
Lt Governor says discoms must cooperate or face cancellation of licences. Ficci cries interference.
The Congress has launched an offensive against the Bharatiya Janata Party government over the Rafale deal, alleging corruption and violation of rules by Prime Minister Narendra Modi and demanded answers from him.
Government's decision comes in the backdrop of several complaints being flagged by domestic traders on heavy discounts being given by e-commerce players to consumers.
The dreaded Kashmiri terrorist outfit Hizbul Mujahideen may be receiving money through a Pakistan-based agency from an Islamic charity in Canada engaged in helping the poor and needy in this country.
In an attempt to avoid Satyam-like frauds, a Sebi panel has suggested rotation of audit partners signing the accounts and giving more teeth to the company's audit committee.
This comes on the heels of the department of telecom appointing private auditors to look into the books of telcos after it was detected that some of the operators were diverting revenues in segments which attracted lower licence fee.
Consumers can effectively make payments using UPI and other debit cards, credit cards and internet banking across 120 banks and over 120 billers, Xiaomi said.
In what is seen as a significant move, the DAP featured measures to reduce delay in procurement of essential items by the three services as it proposed a new enabling provision to acquire them through capital budget under a simplified procedure in a time-bound manner.
The political row had erupted after the National Democratic Alliance government inked the Rs 59,000-crore deal on September 23, 2016 to procure 36 Rafale jets from French aerospace major Dassault Aviation after a nearly seven-year exercise to procure 126 Medium Multi-Role Combat Aircraft for the Indian Air Force did not fructify during the Congress-led United Progressive Alliance regime.
'We feel there is definitely something murky in the system.' 'Will anyone believe that Nirav Modi will go to a branch and bribe a low-level officer?' 'Just look at the people with whom he had moved around.'
Bogged down by kickback charges, the Scorpene submarine deal has now come under criticism from the Comptroller and Auditor General for the delay involved and financial "advantage" given to the French company. In its latest audit report tabled in Parliament on Saturday, the Comptroller and Auditor General came down heavily on the Defence Ministry for the nine-year delay.
The Supreme Court appointed Lodha Committee has told the Indian Cricket Board (BCCI) that the "proposed MoU" between England and Wales Cricket Board (ECB) and the BCCI "is not a part of the mandate" and no directions can be issued on payments unless details are furnished.
Firms denied peer review certificate may be barred from auditing
Charges against Raju and others include criminal conspiracy and forgery.
The Department of Telecom (DoT) has decided to do a special audit of Reliance Communications' (RCom) telecom licence companies.
