100% audit promised by CAG if every financial transaction goes through IT platform
India’s CAG Rajiv Mehrishi; Image Source: Wikipedia

Comptroller and Audit General of India (CAG), Mr Rajiv Mehrishi announced that the authorised assessor would be able to conduct 100% audit of expenses incurred and proceeds, earned by the government if every transaction happens through the online income tax portal.

Stressing on the need for more independence and flexibility for CAG, Mehrishi stated that currently, the government is experiencing huge outlays on welfare projects. So, it is imperative that there is 100% accountability for every rupee spent. CAG has always strived to review and improve audit efficiency throughout its 158 years of operations.

He believes that if they can guarantee that all government transactions on Income Tax portal, then an audit of 100% transactions is indeed possible. In the current times, Information Technology impacts every aspect of people’s lives, catalysed by the government’s goal of ‘Digital India’; this should reflect in compliances too.

 

You May Also Like

GST Applies on the Sale of Developed Plots of Land: Gujarat AAR

The Gujarat Authority for Advance Rulings has directed that sale of land…

SEBI panel exploring Differential Voting Rights on par with the global norm

The Securities and Exchange Board of India has set up a sub-committee…
Tax

Mandatory disclosing of LTCG making ITR filing tough

The government has made it mandatory to disclose long-term capital gains (LTCG)…

SEBI lowers minimum subscription norms for REIts, InvIts

Real estate enthusiasts would now have more reasons to smile. Market regulator…