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The mode of communication channelizes transmission for linking
one person to another. Since communication plays an indispensable
role in the life of a human being, the advancement in innovation
technology has made possible the dissemination of information
amongst the individual separated over vast geographical terrains
thereby reducing such transfer through actual physical media while
ensuring awareness, thus making it a small integrated
interface.
Telecom Governance
The Government through its telecom branch- Department of
Telecommunication (hereinafter referred to as "DoT")
enforces policies and guidelines for the regulation of
telecommunication in India which is monitored by the Telcom
Regulatory of India (hereinafter referred to as "TRAI")
in accordance to the provisions of Telecom Regulatory Authority of
India Act, 1997 (hereinafter referred to as "TRAI
Act").
Auditing of telecom firms
In order to ensure proper adherence to the law and compliances
to the applicable provisions, the accounts of the telcom companies
are required to be adequately assessed and examined under the
procedure of audit. Inspection of the financial statements at
official level by the DoT helps to confirm credibility of the
companies. In the said regard, DoT had been conducting audits with
a view to determine the implementation of instructions issued,
monitor subscriber verification by service providers, penalty for
contravention to the statutory norms.
With a view to ascertain that no under-reporting miss reporting
occurred during the audit for seven years beginning financial year
2012, the DoT is in the process of making auditing of telecom
operators' adjusted gross revenue (hereinafter referred to as
"AGR") an annual feature as delay causes inconvenience to
the Government and the operators.1
This step comes in furtherance to sharp downturn observed in the
payment of license fees and spectrum usage charges (hereinafter
referred to as "SUC") by the telecoms. While the
companies involved in the telecommunication industry fear the
advent of cumbersome compliances will add to the burden of already
stressed sector, sparking more litigation areas and deploying more
time and resources.
Aiming to secure the government dues which may be inaccurate
currently due to the improper reporting and non-payment of the
genuine fees by the telecoms, the DoT shall soon introduce an
annual auditing system to keep a track preventing any evasion of
the monetary liability casted thereon.
For further information please contact at S.S Rana &
Co. email: info@ssrana.in or
call at (+91- 11 4012 3000). Our website can be accessed at
www.ssrana.in
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It seems that adding notes to accounts and qualifying the financial statements are no more a sufficient safety net in the minds of the statutory auditors.
The CBDT has by issue of a notification no. GST 666(E) dt. 20th July, 2018 included certain clauses to be reported in the tax audit report prescribed u/s 44AB in the Form No. 3CD.
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