Sunday, September 8, 2013

OM LORD GANESHA ! BS on CAG;..BL as ever..

Day's TOP

a Revisit

<Cross Refer Old Blogs
ON , - ‘ accounting standards’



Apex court allows CAG audit of private telcos

Telecom body says audit to add to firms' burden, hopes for breather from next govt


Send e-return copies to Bangalore centre: I-T dept to taxpayers

The Income-Tax Department has asked electronic filing taxpayers not having sent their returns copy for the two previous assessment years by post to its centre in Bangalore, to do so early.... »

The requirements, inter alia, to send ITR V for a second time, to file the copies with Bangalore Central, so on , are prima facie ridiculous. And are bound to result in unwarranted hassle and extreme hardship to taxpayers. As given publicity in websites such as Taxguru, there have been numerous complaints that even having sent for a second or third time , when checked online, the ITR -Vs are reported to have been "NOT REC EIVED". Obviously, there is something drastically wrong, disgusting and deplorable, in the functioning of the CPC / the computerised system in place (at an exorbitant cost to the Exchequer/ the taxpayers’ monies). anyOne even if endowed with the  least IQ or EQ cannot fail  to understand the incorrigible insistence for a signed copy of ITR V being reached to the CPC; and also to repeat doing so, unless and until taxpayer receives a communication of its receipt by the CPC.  to put it mildly, it makes for a simply obnoxious, atrocious and unreasonable  expectaTATION to the root; verging on a "fraud" on taxpayers. Instead, if perceptively considered, it will be readily realised that the additional requirement for reaching, - more so ensuring it-, a signed copy of the ITR -V to the CPC (which, for all practical purposes, is kept insulated from convenient contact / access by the public, hence proving a constant irritant) , is rather redundant and superfluous; makes no ‘sense’. For, if need arises, the tax return e"filed, having been instantly acknowledged and been given a multi-digit Ack. Number , the AO can always call for furnishing it in proof of the filing of return. Last but not least, in outsourcing to Bangalore CentrAL, the most important aspect of "confidentiality" attached to the document appears to have been blatantly ignored, mindlessly over sighted. This is a matter, for obvious reasons, requiring to be taken up suitably with the Finance Ministry / CBDT for appropriate remedial steps that too on a war footing, by one and all concerned, so also the professional bodies. OF CAs, lawyers, etc. That should help in saving the honest taxpayers from undue harassment and continuing to live in misery.




Is public money in safe hands?


The e-friendly face of the tax department


<><><> Government accounting — accrual is the way to go


<>Reacting off-hand >
One fails to see even the remote relevance of the ‘ICAI INITIATIVE’ made a mention of, seemingly out of context. If at all, it is the CAG, being the only empowered , more so truly equipped and competent authority who could think of and come out with ways and means (call it 'standards' or whatever) to the end of trying to accomplish 'good governance' by government, with the desired most important thing- namely, ‘transparency’. In one’s conviction, ICAI , in the nature of things, can have no useful role to play, so as to be involved in any manner whatsoever, in that exclusive domain.

Venturing to share further thoughts >
The realm of Government accounting (financial), for that matter even the accounting by any local or other statutory authorities such as local governments, found a reference, for obvious reasons,  is  totally different from corporate accounting. In other words, no denying that it is a distinct 'kettle of fish', so to say- requiring to be cooked (or boiled) employing varying special and unique techniques/standards as would be called for. May be, the ICAI has been taking pride in calling itself as "Partner in Nation Building".  Going by individualistic  thinking, however, one has never been able to understand or appreciate what that ‘idiom’ is meant to signify or supposed to convey  ( its purport or import). Be that as it may, from an idealistic point of view, the following are some of the aspects or inescapable realities, which need to be kept in lacer -sharp focus :
 (a) The 'government', as the governing national institution,  ought to keep itself / or be left aloof, independent of all the rest, being the 'governed';
(b) No other institution or exclusively professional body such as ICAI can have domain over the governmental affairs, because of the undeniable mutually conflicting interests; and
 (c) ICAI being a semi (self ?!)-regulatory authority (as opposed to a full-fledged regulatory authority  such as, SEBI or RBI), in the overall social interests, desirably, ought not to even be consulted or be involved directly or indirectly on matters (such as, 'accounting' or ‘audit’), which concern the government ; be it, at the Centre or States ,- not excluding the category of 'local government' bodies. 
Not Unrelated >

ICAI Activities | ICAI Functions | ICAI Advisory Body

Central Information Commission Room No. 305, 2nd Floor, 'B' Wing ...

May 22, 2013 - Chartered Accountants Regulations, 1988, the ICAI is the regulatory authority only for Chartered Accountants firms and not for MAFs. In view of ...

Parliamentary Committees - Parliament of India

In bad times, keep your flock together


Is Re-based trade settlement a good idea? - No

A lone CA's solitary view contradicted ! yes or no ?

Read HERE>

When dollar’s dear, go for barter

India’s quasi-barter deal with Iran can be tried elsewhere. It will cut down on dollar demand and lift the rupee. »

The answers to the poser floated around, as could only have been expected, are a vehement and equally stubborn - either YES or NO; or is it a 'kichadi' -YES and NO ? Besides the common readers, even the economic experts so also the much maligned today's bureaucrats, would have been left thoroughly confused. The irritant, left undecided,  is, - who really is barking up the wrong tree; further, who is going to have the final word- an inevitable predicament, on the horns of a dilemma. If not mistaken, it was a learned CA's recent write-up originally throwing up some prima facie innovative ideas that set the ball rolling- ref.   When dollar’s dear, go for barter. The ball is now in the new rbi Gov.’s court.

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