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 Audit :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: form 3cd :: empanelment :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: VAT RATES :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4%
 
 
« Direct Tax »
 Senior IRS officer Rajendra Kumar appointed new CBDT member
 Income tax raids continue on premises of three Chennai businessmen
 Hopeful of meeting direct tax collection target for this financial year: CBDT
 Bengaluru tops in income tax probes after demonetisation
 Income Tax department rejects black money disclosures of over Rs 2 lakh crore
 CBDT urges people to protect bank accounts from 'unscrupulous elements'
 No change in gold seizure norms in proposed I-T Law amendments
 Direct tax collection will get a long-term boost, Franklin Templeton says
 I-T Act amendments upset calculations of cash hoarders
 Claim tax benefit on costs incurred to evict tenants
 The Integrated Goods And Services Tax Act, 2016

DTC: Reconsider stance on definition of accountant, Panel tells Finance Ministry
March, 15th 2012

The Standing Committee on Finance has urged the Finance Ministry to reconsider the suggestions of company secretaries and cost accountants to include them within the definition of accountant under the proposed Direct Taxes Code.

The Finance Ministry had in its submissions to the Parliamentary Panel contended that the suggestions of these two professions company secretaries and cost accountants are not acceptable as they may not have the expertise to deal with all the financial statements and matters for tax purposes.

In its report, the Standing Committee headed by Mr Yashwant Sinha has, however, suggested that the inclusion of company secretaries and cost accountants within the ambit of an accountant may provide small and medium enterprises a wider and cost effective scope for selection of professionals. This will be an important initiative towards simplified tax compliance regime, the panel has said.

The widening of scope of definition of accountant in the direct taxes code will give cost accountants the due recognition, Mr M. Gopalakrishnan, President of Institute of Cost Accountants of India, said.

He said that lawmakers need to recognise that cost accountants are closely associated with businesses and even involve themselves in preparation and maintenance of accounts

If the definition of accountant is altered, it will widen the professional opportunities for cost accountants and company secretaries as many legislations in India such as VAT, excise draw the definition of accountant from the one in the income-tax law, sources pointed out.

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

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