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 Requirements for passing Information Systems Audit (Assessment Test)
 Exposure Draft of Clarifications to Ind AS 115, Revenue from Contracts with Customers
 Exposure Draft of Clarifications to Ind AS 115, Revenue from Contracts with Customers
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 Reconstitution of Group to study and suggest changes in the Guidelines relating to Networking of CA Firms
 Reconstitution of Group pursuant to C&AG’s Report `Performance Audit on Appreciation of Third Party (Chartered Accountants) - Reporting in Assessment Proceedings’ for the year ended March, 2014
 Reconstitution of Group to look into the intricacies involved in areas pertaining to the disciplinary mechanism
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 Prepayment Features with Negative Compensation (Proposed amendments to IFRS 9)

ICAI - Union Budget - 2010-11
March, 03rd 2010

ICAI welcomes the Union Budget presented by the Honble Finance Minister Shri Pranab Mukherjee, which can be termed as a relief oriented budget. The Budget skillfully balances the need to step up the economic growth on one side, check inflation on the other side and also address the socio-economic needs of the nation.
 
The ICAI welcomes the liberal FDI Policy, listing of PSUs, liberal licensing policy for opening of banks and license to NBFCs to act as bank. The increase of minimum personal taxation slab of 10% up to Rs. 5.00 lacs will pave the way for better tax compliances and revenue generation for the Government. The introduction of SARAL II Form will enable the small tax payers to file their return without difficulty. The relief of Rs. 20,000/- under 80 CCE would suitably boost infrastructure sector while simultaneously providing tax relief.
The ICAI welcomes the reiteration of timelines for implementation of the Direct Tax Code and Goods & Service Tax w.e.f. 1st April, 2011.

The Budget has given some thrust to conversion into LLP without attracting Capital Gains Tax. However, the restrictions and preconditions may be reviewed to provide full benefit to the conversion of such entities.

The marginal reduction of surcharge will give relief to corporates and partially offset the increase in MAT Tax from 15% to 18%.

The thrust given on research and development by enhancing the weighted deduction is welcome since it will boost research activity.

Relief has been given to the Real Estate Sector by extending period of the 80 I(B) benefits and rationalization of some of these conditions alongwith all other pending projects issues may be considered for the expected relief.

Removal of genuine hardships in areas of TDS (such as S-40(a)(ia) disallowance) is welcome.

Rationalization in areas of small charitable trusts and role of settlement commission is also a welcome move to reduce the litigation.
 
Indirect Tax
The increase in Central Excise Rates by 2% would augment tax revenues while bringing convergence with GST rates.

Procedural reforms in placing reliance on CAs certificates for input credits, amendment in demand provision would reduce litigation and give widespread relief.

Expansion of coverage, especially in health sector and retrospective amendment regarding renting of immovable properties and training may require reconsideration.
 
ICAI is glad that the Government has accepted the suggestions forwarded by the Institute in different areas. 

 
 
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