« 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 «  FM to discuss targets at bankers’ meet... I-T may not see raid on jewellery... » ICAI working on standards for derivatives July, 13th 2006 The Institute of Chartered Accountants of India (ICAI) is in the final stage of formulating the accounting standard for financial instruments in India.    T N Manoharan, president, ICAI said that the draft of the accounting standard will be released by September for consultation with different stake holders.    Manoharan said, "The draft will be released by September for consultation. It will be finalised within this December. The accounting standard for financial instrument will also include derivative products."    ICAI was taking into consideration views of the Reserve Bank of India (RBI) while finalising the accounting standard, he added.    Meanwhile, ICAI has also initiated its work for framing accounting standard in agricultural income.    "We have just started working on the accounting standard in agricultural income. It is in an initial stage," he added.    On the other hand, ICAI is in final stage of submitting the road map for implementing 'accrual system of accounting' in government accounts.    "Government of India adopts 'cash system of accounting' which is based on actually receipts and payment. We are in the process of formulating the road map for implement 'accrual based system of accounting," said Manoharan. The work is done by ICAI in a sub-committee under Government Accounting Standards Advisory Board (GASAB).    "We have had two meetings with GASAB. The road map will be prepared by this month end," he confirmed.