« Top Headlines » Open DEMAT Account in 24 hrs  BackBack Income Tax Act amendment on cards on tax treatment of MSME dues  ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing. Check details here  Income tax slabs FY 2024-25: Experts share these 8 benefits for taxpayers in new income tax regime  How To File ITR Online - Step by Step Guide to Efile Income Tax Return, FY 2023-24 (AY 2024-25)  Old or new tax regime for TDS on salary? This post-election 2024 event will impact your tax planning  What Are 5 Heads Of Income Tax?  Income Tax Dept releases interim action plan for FY25 on tax collection, refund approvals   Income Tax Return: 5 lesser-known tax-saving tips from Section 80  Income Tax Return: 5 lesser-known tax-saving tips from Section 80  Why you need not rush to file your ITR immediately  Income tax returns: ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing «  e-payment of direct taxes mandatory for corporates... ‘No proposal to bring big farm firms under tax net’... » ICAI to advise firms to disclose derivative losses March, 19th 2008 Over three months after it first came out with a new accounting standard requiring companies to provide for all kinds of losses including those from derivative trading, the Indian accounting regulator intends to encourage companies to conform to the norm.   The issue has come to the forefront following a number of Indian companies revealing that they could take a financial hit on bets placed on currencies and commodities.   Last December, the Institute of Chartered Accountants of India (ICAI) had come up with a detailed accounting standard AS30 to establish principles for recognising and measuring financial assets and liabilities and some contracts to buy or sell non-financial items.   It is not yet mandatory for companies to follow this standard, and ICAI President Ved Jain informed that the regulator did not plan to make it mandatory in the near future. We do, however, intend to encourage companies to conform to AS30, he added.   Sources added that ICAI intends to push Indian companies to provide for such losses as a matter of prudential accounting.   Last week, Finance Minister P Chidambaram had told Parliament that the exposure of banks operating in India to derivatives grew near 300 per cent over two years to gross Rs 127.86 lakh crore by last December.   Indian companies listed on overseas stock exchanges have to disclose any losses on account of derivative trading, as mandated by the International Accounting Standard-39.