Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
Popular Search: VAT RATES :: cpt :: articles on VAT and GST in India :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: due date for vat payment :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: form 3cd :: empanelment
News Headlines »
 CBDT releases Income Tax Return statistics for last two fiscals
 CBDT issues second round of Certificates of Appreciation to tax payers for their contribution towards Nation building
 FinMin looks at cut in corporation tax
 Draft Rules for prescribing the method of valuation of fair market value in respect of the trust or the institution-Chapter XII-EB of the Income-tax Act, 1961- reg.
 India is moving towards a flawed GST
 ICAI to organise two-day international conference in Hyderabad
 Here's how to calculate tax payable on your capital gains
 Income Tax calculations for the financial year 2016-17
 CPE Events 17 October - 22 October 2016
 High Court raps I-T Department for wrong tax demand
  CBDT signs 5 advance pricing pacts with Indian taxpayers

Pranab Mukherjee: Economic legislation to be tuned with global norms
November, 29th 2010

Union Finance Minister Pranab Mukherjee on Saturday underscored the need for the economic legislation to be tuned with global norms.

Inaugurating the regional conference of the Southern India Regional Council of the Institute of Chartered Accountants of India (ICAI) here, he said the country had concluded tax information exchange agreements with eight countries.

The Finance Minister said the implementation of globally acceptable accounting standards was of great importance in the emerging economic scenario. The renegotiation of the Double Taxation Avoidance Agreement with various countries was being actively pursued.

Risk management tools should not fiddle with accounting standards. Though lax regulation might encourage financial disorderliness, excessive exercise of regulation would be harmful. Good regulators would bring in long-term benefits, he said.

Mr. Mukherjee said the Direct Taxes Code reform would be implemented only after necessary discussions with the stakeholders.

The issues pertaining to the reform were being scrutinised by the Standing Committee of Parliament.

The concurrence of States was essential for implementation of the Goods and Services Tax as the States and the Centre would have legislative competence in the same areas. Discussions were being held with the Empowered Committee of State Finance Ministers in this connection.

Inclusive growth

Pointing out that transforming the economy of 120-crore people on a sustainable basis was a challenging task, Mr. Mukherjee lauded the efforts of ICAI in fine tuning financial reporting, auditing and accounting procedures.

Inclusive growth is required to address poverty, diseases and other social maladies. Empowerment is required to achieve inclusiveness. It needed entitlements and not mere announcement of policies. Right to job and universal education to children up to the age of 14 were part of such reforms that required huge investments.Union Minister of State for Agriculture K. V. Thomas noted the pro-active role played by the chartered accountants in providing inputs to the government.

K. M. Mani, former minister; Amarjit Chopra, President of ICAI, G. Ramaswasmy, Vice-President of ICAI; Babu Abraham Kallivayalil, Chairman of the Southern Regional council of ICAI; P. C. Chacko, MP; P. Rajeev, MP; M. Narendra, Chairman and Managing Director of Indian Overseas Bank; B. S.Bhasin, Chief General Manager, State Bank of India, Kerala Circle, were among the speakers at the inaugural session of the two-day meet.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Privacy Policy

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions