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Consider the following statements regarding 'Comptroller and Auditor general ' :
1. He audits the receipts and expenditure of the Centre, States, and all local bodies.
2. His certification regarding the net proceeds of any tax or duty is final.
Which of the statements given above is/are correct?
1. He audits the receipts and expenditure of the Centre, States, and all local bodies.
2. His certification regarding the net proceeds of any tax or duty is final.
Which of the statements given above is/are correct?
- a)1 only
- b)2 only
- c)Both 1 and 2
- d)Neither 1 nor 2
Correct answer is option 'B'. Can you explain this answer?
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Verified Answer
Consider the following statements regarding Comptroller and Auditor ge...
1. Functions of CAG :
- He audits the accounts related to all expenditure from the Consolidated Fund of India, consolidated fund of each state and consolidated fund of each union territory having a Legislative Assembly.
- He audits all expenditure from the Contingency Fund of India and the Public Account of India as well as the contingency fund of each state and the public account of each state.
- He audits all trading, manufacturing, profit and loss accounts, balance sheets and other subsidiary accounts kept by any department of the Central Government and state governments.
- He audits the receipts and expenditure of the Centre and each state to satisfy himself that the rules and procedures in that behalf are designed to secure an effective check on the assessment, collection and proper allocation of revenue.
2. Under the provisions of the Constitution of India and the Comptroller and Auditor General's (Duties, Powers and Conditions of Service) Act, 1971., the CAG is the sole auditor of the accounts of the Central (Union) Government and the State Governments. CAG is also responsible for the audit of local bodies (i.e. Panchayati Raj institutions and urban local bodies) under the provisions of some of the State Acts and provides technical and administrative guidance for accounting and audit functions in all States as per orders issued by Ministry of Finance, Government of India Hence statement 1 is not correct.
3. As per article 279 , ' Net proceeds means in relation to any tax or duty the proceeds thereof reduced by the cost of collection, and for the purposes of those provisions the net proceeds of any tax or duty, or of any part of any tax or duty, in or attributable to any area shall be ascertained and certified by the Comptroller and Auditor General of India, whose certificate shall be final. Therefore, CAG ascertains and certifies the net proceeds of any tax or duty. His certificate is final. The ‘net proceeds’ means the proceeds of a tax or a duty minus the cost of collection. Hence statement 2 is correct.
3. As per article 279 , ' Net proceeds means in relation to any tax or duty the proceeds thereof reduced by the cost of collection, and for the purposes of those provisions the net proceeds of any tax or duty, or of any part of any tax or duty, in or attributable to any area shall be ascertained and certified by the Comptroller and Auditor General of India, whose certificate shall be final. Therefore, CAG ascertains and certifies the net proceeds of any tax or duty. His certificate is final. The ‘net proceeds’ means the proceeds of a tax or a duty minus the cost of collection. Hence statement 2 is correct.
Most Upvoted Answer
Consider the following statements regarding Comptroller and Auditor ge...
Explanation:
The Comptroller and Auditor General (CAG) of India is an independent constitutional authority appointed by the President of India. The CAG is responsible for auditing the accounts of the Union and State governments and ensuring transparency and accountability in their financial operations.
Statement 1: He audits the receipts and expenditure of the Centre, States, and all local bodies.
This statement is correct. The primary function of the CAG is to audit the receipts and expenditure of the Union government, State governments, and all local bodies. The CAG examines the accounts, financial statements, and records of these entities to ensure that the funds allocated to them are utilized in accordance with the prescribed rules and regulations.
Statement 2: His certification regarding the net proceeds of any tax or duty is final.
This statement is incorrect. The certification of the net proceeds of any tax or duty is not final. The CAG is responsible for auditing the accounts related to taxes and duties, but the final authority for certification lies with the concerned executive authorities. The CAG's audit reports are tabled in the Parliament and State legislatures, and it is up to the respective authorities to take appropriate action based on the findings of the CAG.
Conclusion:
In conclusion, statement 1 is correct as the CAG audits the receipts and expenditure of the Centre, States, and all local bodies. However, statement 2 is incorrect as the CAG's certification regarding the net proceeds of any tax or duty is not final.
The Comptroller and Auditor General (CAG) of India is an independent constitutional authority appointed by the President of India. The CAG is responsible for auditing the accounts of the Union and State governments and ensuring transparency and accountability in their financial operations.
Statement 1: He audits the receipts and expenditure of the Centre, States, and all local bodies.
This statement is correct. The primary function of the CAG is to audit the receipts and expenditure of the Union government, State governments, and all local bodies. The CAG examines the accounts, financial statements, and records of these entities to ensure that the funds allocated to them are utilized in accordance with the prescribed rules and regulations.
Statement 2: His certification regarding the net proceeds of any tax or duty is final.
This statement is incorrect. The certification of the net proceeds of any tax or duty is not final. The CAG is responsible for auditing the accounts related to taxes and duties, but the final authority for certification lies with the concerned executive authorities. The CAG's audit reports are tabled in the Parliament and State legislatures, and it is up to the respective authorities to take appropriate action based on the findings of the CAG.
Conclusion:
In conclusion, statement 1 is correct as the CAG audits the receipts and expenditure of the Centre, States, and all local bodies. However, statement 2 is incorrect as the CAG's certification regarding the net proceeds of any tax or duty is not final.
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Consider the following statements regarding Comptroller and Auditor general :1. He audits the receipts and expenditure of the Centre, States, and all local bodies.2. His certification regarding the net proceeds of any tax or duty is final.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer?
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