News Details- (Get Professional Updates on Whatsapp, Msg on
8285393786) More
News
CAG may Audit IDS, not individual declarations
PrintThe Comptroller and Auditor General of India (CAG) may audit the just ended black money disclosure scheme for the process followed and how well it performed, but will not get into the disclosures made.
As much as Rs 65,250 crore of undeclared assets were declared through 64,275 declarations through the one-time four-month compliance window provided under the Income Disclosure Scheme (IDS) that ended on September 30.
"The information filed under the IDS is confidential and will neither be shared with any law enforcement agency nor any enquiry be launched by the I-T department," an official said.
But the official auditor CAG may choose to do a performance audit of the scheme as a whole, the official said.
"It can audit the process followed in going about the scheme as well as how well it did. But no specific information on declaration made will either be gone into by the auditor or shall it be given," he said.
The CAG had previously audited the Service Tax Voluntary Compliance Encouragement Scheme for the very same purpose.
The last tax amnesty scheme of 1997 - The Voluntary Disclosure of Income Scheme (VDIS), too, was audited by the CAG.
In its August 2000 report, CAG had found gaping holes and glaring defects in the VDIS saying it was drafted "with a number of lacunae which in turn, were compounded by CBDT circulars, clarifications and press briefings that benefited the declarants".
The implementation of VDIS, it said, left a number of gaps in the procedural matters with distinct impact on revenue realisation.
The official said no adverse action shall be taken by the Financial Intelligence Unit or the Income-Tax department solely on the basis of the declarations made under IDS.
Also, no enquiry or investigation shall be launched on undisclosed income and assets declared under the scheme even if evidence is found subsequently during search or survey proceedings.
Specific information on declarations will not be shared with anyone including investigating agencies like CBI, he added. #casansaar (PTI - Economic Times)
As much as Rs 65,250 crore of undeclared assets were declared through 64,275 declarations through the one-time four-month compliance window provided under the Income Disclosure Scheme (IDS) that ended on September 30.
"The information filed under the IDS is confidential and will neither be shared with any law enforcement agency nor any enquiry be launched by the I-T department," an official said.
But the official auditor CAG may choose to do a performance audit of the scheme as a whole, the official said.
"It can audit the process followed in going about the scheme as well as how well it did. But no specific information on declaration made will either be gone into by the auditor or shall it be given," he said.
The CAG had previously audited the Service Tax Voluntary Compliance Encouragement Scheme for the very same purpose.
The last tax amnesty scheme of 1997 - The Voluntary Disclosure of Income Scheme (VDIS), too, was audited by the CAG.
In its August 2000 report, CAG had found gaping holes and glaring defects in the VDIS saying it was drafted "with a number of lacunae which in turn, were compounded by CBDT circulars, clarifications and press briefings that benefited the declarants".
The implementation of VDIS, it said, left a number of gaps in the procedural matters with distinct impact on revenue realisation.
The official said no adverse action shall be taken by the Financial Intelligence Unit or the Income-Tax department solely on the basis of the declarations made under IDS.
Also, no enquiry or investigation shall be launched on undisclosed income and assets declared under the scheme even if evidence is found subsequently during search or survey proceedings.
Specific information on declarations will not be shared with anyone including investigating agencies like CBI, he added. #casansaar (PTI - Economic Times)
Category : CAG | Comments : 0 | Hits : 646
Get Free Daily Updates Via e-Mail on Income Tax, Service tax, Excise and Corporate law
Search News
News By Categories More Categories
- Income Tax Dept serves notices to salaried individuals for documentary proof to claim exemptions
- Bank Branch Audit 2021 - Update on allotment of Branches
- Bank Branch Audit 2020 Updates
- Bank Branch Audit 2021 Updates
- Bank Branch Audit 2020 - Update on Allotment of Branches
- Police Atrocities towards CA in Faridabad - Its Time to be Unite
- Bank Branch Statutory Audit Updates 2019
- Bank Branch Statutory Audit Updates
- Bank Branch Audit 2022 Updates
- Bank Branch Statutory Audit Updates
- NFRA Imposes Monetary penalty of Rs 1 Crore on M/s Dhiraj & Dheeraj
- ICAI notifies earlier announced CA exam dates despite pending legal challenge before SC
- NFRA debars Auditors, imposes Rs 50 lakh penalties for lapses in Brightcom, CMIL cases
- GST Important Update - Enhancement in the GST Portal
- NFRA Slaps Rs 5 lakh Penalty on Audit Firm for lapses in Vikas WSP Audit Case
- CBDT extends due date for filing Form 10A/10AB upto 30th June, 2024
- RBI comes out with FEMA regulations for direct listing on international exchange
- RBI directs payment firms to track high-value, fishy transactions during elections
- NCLT orders insolvency proceedings against Subhash Chandra
- Income Tax dept starts drive to dispose of appeals, 0.54 million at last count
- Payment of MCA fees –electronic mode-regarding
- Budget '11-12' Parliament Completes Approval Exercise
- Satyam restrained from operating its accounts
- ICICI a foreign firm, subject to FDI norms: Govt
- Maha expects Rs 15 crore entertainment tax revenue from IPL
- CAG blames PMO for not acting against Kalmadi
- No service tax on visa facilitators: CBEC
- Provision of 15-minutes reading and planning time allowance to the candidates of Chartered Accountants Examinations
- Companies Bill to be taken up in Monsoon Session
- File Service Tax Return in time as Maximum Penalty increased 10 times to Rs. 20000
Comments