Page 14 - Banking Finance August 2022

ROUNDUP

an investment of over Rs 1.4 lakh crore their behalf on virtual asset transfers does not stop with me. I got a team of
in the last fiscal. This has resulted in or otherwise as well. people with whom internal auditors
huge employment in the state as well. interact. Inspite of several years of find-
The state government is also trying to Ola to invest $500 million ing that audit is very important, there
is always a certain amount of conflict
ensure easy lending to this sector from
in EV battery facility and contradictions between the inter-
banks, said MSME secretary Rajesh
Ola Electric, the ride-hailing firm's elec- nal auditing and below the level of
Pandey during an interaction with the
tric vehicle arm, is investing about $500 auditing. It is for the internal auditor
Bengal Chamber of Commerce (BCC).
million for setting up its battery inno- to convince the auditee that I am not
He added that in the last one year the
vation centre (BIC) in Bengaluru. trying to find the mistake with you," he
MSME sector has got bank credit of Rs Bhavish Aggarwal-led Ola said that BIC said at the summit organised by
1 crore, which was an all-time record.
will be one of the world's largest and Women's Forum, IIA India.
"This was the highest lending to MSME
most advanced cell research and devel-
and considering that we are recover-
opment (R&D) facilities with more
IRS officer Nitin Gupta ap-
ing from a pandemic, it is an achieve-
than 165 'unique and cutting-edge'
ment," he added. Though the bank laboratory equipment to cover all as- pointed CBDT chief
credit target has not yet been fixed but
pects of cell-related R&D. The com- IRS officer Nitin Gupta has been ap-
sources said that it should be 20% more
pany didn't reveal the time period for pointed as the new CBDT chairman, a
than what has been achieved last year.
the investment. But, according to recent government order said. Gupta,
The number of MSME units in the state
sources, it is three to five years. an Indian Revenue Service (IRS) officer
is around 90 lakh which employ 1.3 of the 1986 batch of the Income Tax
In India, SoftBank-backed Ola is now in
crore people. cadre, is serving as the Member (inves-
direct competition with electric two-
tigation) in the Board and is scheduled
wheeler makers like Ather Energy,
CBDT clears the air on TDS to retire in September next year.
Hero Electric, Bajaj, TVS Motor Com-
levy on cryptos pany, Bounce, and Boom Motors. The The order issued on June 25 said the
CBDT has issued detailed guidelines on firm also has plans to launch electric "Appointments Committee of the Cabi-
facilitating tax deducted at source cars, motorcycles, sport utility vehicles, net has approved the appointment of
(TDS) on virtual digital assets (VDA) or and robotaxis. Shri Nitin Gupta, IRS (IT:86), Member
crypto assets, under which date of Central Board of Direct Taxes (CBDT)
Internal audit is the 'con-
transfer and mode of payment will as chairman, Central Board of Direct
have to be specified. science keeper of a Taxes from the date of assumption of
the post."
From July 1, TDS of 1 per cent will be corporate's board'
levied on payments towards virtual The post of the CBDT chief was being
An internal audit in a company is the
digital assets or cryptocurrencies be- held in an additional capacity by Board
conscience keeper of the board and has
yond Rs 10,000 in a year, as the Finance member and 1986-batch IRS officer
to prove that he is the conscience
Act 2022 has introduced Section 194S Sangeeta Singh after J B Mohapatra re-
keeper of the board. This is the chal-
in the income tax (I-T) Act. tired on April 30. The CBDT is headed by
lenge. The role is unlimited. The chal-
a Chairman and can have six members
The department has explained differ- lenges are largely internal and not ex-
who are in the rank of special secretary.
ent scenarios through six questions to ternal, said K Shankaran, Director, TTK
remove difficulties. Under the new re- Prestige Ltd, while addressing The In-
Google launches initiative
gime, the transactions will have to be stitute of Internal Auditors India Na-
disclosed in the tax return and a paper tional Summit 2022 on 'Emerging Chal- to help 10,000 startups
trail will have to be maintained. lenges and Opportunities in Internal
Google launched the Startup School
Audit'.
This would be helpful to both buyers India initiative aims to gather relevant
and sellers since they can enter into "As an auditee, I have to ensure that I information on startup building into a
contracts with the exchange for pass- have a proper framework in the com- systematic curriculum to help 10,000
ing the responsibility to deduct tax on pany, to oversee everything. But, it startups in Tier 2 and Tier 3 cities.
14 | 2022 | AUGUST | BANKING FINANCE