ICAI panel on black money to submit report in a fortnight
January, 30th 2012
The Institute of Chartered Accountants of India has said a committee constituted to suggest ways to check and bring back black money stashed in banks abroad will submit its report to the Finance Ministry within a fortnight.
The institute has asked the government to bring in a law that would force every citizen to declare his/her incomes abroad, ICAI President G Ramaswamy told reporters here yesterday.
"Such a law will help bring out details of black money reserves. We have also suggested that those who declared their assets and pay the taxes be given concessions on the penalty," he said at the inauguration of the new building of the Tiruchirappalli branch of ICAI's Southern India Regional Council.
The new premises are part of a nation-wide programme aimed at infrastructure expansion.
"We want to improve the lot of the numerous small and medium-level practitioners in the country. International accounting standards have been adapted to Indian market conditions and when applied, can help us face the challenges of a growing economy," he said.
He said all educational institutions in India would be brought under a uniform financial reporting structure and this would be carried out in different phases from next year.
"In the first phase, all higher education institutions registered with bodies such as the AICTE will be trained in the new format of financial reporting," he said.
ICAI had signed an MoU with Madras University to provide an opportunity for students pursuing chartered accountancy to complete an MBA or a research programme in other disciplines.
The agreement, which is the fifth such in the institute's history, will allow students to take up these programmes, under which they will be exempt from writing certain papers.