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CAG flags tax irregularities by banks, NBFCs

New Delhi: The Comptroller and Auditor General (CAG) flagged widespread irregularities in tax exemptions and deductions claimed by banks and non-banking financial companies (NBFCs), with a potential revenue impact of ₹74,766 crore, according to a report tabled in Parliament on Thursday.The report, based on a sample of 2,378 cases examined till June 2023 by the CAG, reviewed the Income Tax Department's handling of deductions and exemptions, and found systemic weaknesses, compliance failures and gaps in oversight across the sector. The CAG called for alignment between tax rules and central bank guidelines, and highlighted the need to address gaps in provisions governing NBFC taxation.The audit identified 1,847 observations, including 671 systemic issues and 533 compliance lapses. The largest discrepancies related to improper deductions for bad debts, provisions for doubtful loans and transfers to special reserves. from Economic Times https://ift.tt/2a0nThC
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Locust control eligible for SDRF and NDRF relief

New Delhi: The home ministry has included 'locust control activity' in the list of items eligible for State Disaster Relief Fund (SDRF) due to Covid-19, officials said in New Delhi on Friday. Swarms of locusts have invaded as many as 12 states and Union Territories, damaging crops worth several crores in Punjab, Haryana, Gujarat, Rajasthan and Maharashtra.While citing its earlier order to declare Covid-19 pandemic as notified disaster, MHA said 'locust control activity' will be eligible for norms of assistance under SDRF and NDRF. This may include hiring of vehicles, tractors with spray equipment, chemicals for pest control, water tankers and purchase of plant protection chemicals for locust control, the order said. “The quantum of assistance will be limited to actual expenditure during a notified calamity. But it shall not exceed 25% SDRF allocation for the year.” With India struggling to deal with the pandemic, the locust attack could not have come at a worse time.In ...
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IIT PhDs in demand for high-end R&D jobs

New Delhi | Bengaluru: PhD students at the Indian Institutes of Technology (IITs) are increasingly getting corporate job offers for high-end research and development (R&D), a shift from recruitment largely for teaching roles in the past. It is the result of the institutes boosting in-house R&D to develop innovative and competitive products, said professors at the IITs including Kharagpur, Kanpur, Guwahati, Roorkee and BHU.Companies such as Denso, Japan Meteorological Corporation, Caterpillar, Aditya Birla Science & Technology, Tata Steel, AMD, Google, Microsoft, Philips, Samsung, CDAC, Siemens, L&T and Qualcomm have recently hired PhD students from the IITs, according to the institutes.For the first time, two PhD students at IIT Kharagpur have received overseas job offers, both from Japan. In addition, a PhD student received an offer of a ₹1 crore-plus annual package. 127951042 "This year, hiring of PhD students in corporate R&Ds is a new trend. This is an effo...
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