The Corporate Affairs Minister, Mr Salman Khurshid, has called for higher representation of women in the chartered accountancy profession, similar to the 33 per cent reservation for women in Parliament.
“If there can be 33 per cent representation for women in Parliament, then why not something like that in the chartered accountancy profession too?,” Mr Khurshid said at the Chartered Accountants’ Day celebrations organised by the Institute of Chartered Accountants of India (ICAI) held here.
India’s apex audit and accounting body wants more regulatory powers to prevent frauds such as the one perpetrated by B. Ramalinga Raju, the founder of Satyam Computer Services Ltd.
The Institute of Chartered Accountants of India (ICAI), in a report to the ministry of corporate affairs (MCA), has asked that its committees be given the power to summon witnesses and ask for production of records of companies when it is investigating corporate and accounting frauds perpetrated by audit firms.
As corporate India comes to terms with the complex new system of accounting standards, which it will have to adopt beginning April 1, it is vexed with two related issues that it has no control over – taxation and the companies law.
As it is, the kaleidoscope of conflicting perspectives is complex enough to confound even the knowledgeable. For example, when you depreciate different components of an asset over varying useful lives and …
Till AY 1996-97 unabsorbed depreciation could be set off against income under any head. From AY 1997-98 to 2001-2002 unabsorbed depreciation could be set off only against business income. From AY 2002-2003 onwards unabsorbed depreciation could again be set off against income under any head of income.
The question before the Special Bench was whether in AY 2003-04, the unabsorbed depreciation relating to AY 1997-1998 to 1999-2000 could be set off against non-business income.
The new Direct Taxes Code has been put in the public domain and will most likely be up for debate in the monsoon session of Parliament. There are three major components to the code – personal income taxes, treatment of capital gains, and corporate taxes.
But first, some deep congratulations to all those, and especially the UPA government, for daring to change the landscape.
As part of our responsibility to train officials of various departments of the Government and public sector undertakings on the matter of IFRS implementation, meetings were held with the Secretary, Ministry of Urban Development, CMD, Power Finance Corporation, Finance Advisor, Department of Telecommunications, etc. As a matter of follow-up, details of the training programmes/workshops are being sent wherever desired. Also, meetings with officials of various Departments and public-sector undertakings are being arranged. It shall be our sincere endeavour to perform the role in a manner befitting the ICAI as expected of us by the Ministry of Corporate Affairs.
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