BSNL, which has posted a Rs 1,823 crore loss for the year 2009-10, paid advance tax of Rs 529 crore in excess of the actual requirement of Rs 995 crore, which resulted in a loss of interest, it said.
CAG-raps-bsnl-mtnl-for-poor-financial-mgmt
Friday, August 6, 2010
CAG-raps-bsnl-mtnl-for-poor-financial-mgmt
Apex auditor the Comptroller and Auditor General (CAG) has slammed Bharat Sanchar Nigam (BSNL) for making tax payments in excess of the actual requirement for 2006-07, resulting in a loss of Rs 23.21 crore in interest income for the telecom PSU.
BSNL, which has posted a Rs 1,823 crore loss for the year 2009-10, paid advance tax of Rs 529 crore in excess of the actual requirement of Rs 995 crore, which resulted in a loss of interest, it said.
Audit scrutiny of the IT returns of BSNL for financial years 2004-05 to 2006-07 revealed that BSNL had been paying more than 47 per cent excess advance tax for three consecutive years, indicating a lack of proper planning and inadequate financial controls.
CAG-raps-bsnl-mtnl-for-poor-financial-mgmt
BSNL, which has posted a Rs 1,823 crore loss for the year 2009-10, paid advance tax of Rs 529 crore in excess of the actual requirement of Rs 995 crore, which resulted in a loss of interest, it said.
CAG-raps-bsnl-mtnl-for-poor-financial-mgmt
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