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: ACCOUNTING STANDARDS :: VAT RATES :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS :: VAT Audit :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: empanelment :: form 3cd :: cpt :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4%
 
 
News Headlines »
 Seven things you must do before 31st March
 Income Tax saving investments: Top 5 options available for high-income individuals
 How to use zero tax rule on long term capital gains on stocks
 GST Returns - Furnishing details of inward supplies
 5 ways to maximise you income tax return
 Income-tax (2nd Amendment) Rules, 2017
 Soon, Faster PAN, An App For Filing Tax Returns
 Changes in income tax return filing process
 New Income Tax Rates And Deductions Applicable From April 1, 2017
 Tax and transparencya
 No decision yet on imposing tax on cash transactions

ICWAI wants services under cost audit
July, 26th 2006

The Institute of Cost and Work Accountants of India (ICWAI) plans to urge the Government to bring the service industry under the ambit of cost audit.

As of now, only those companies engaged in production, processing, manufacturing and mining activities are required to adhere to cost accounting record rules.

"This is required as the service industry now accounts for about 52 per cent of our GDP," said Mr D.V. Joshi, President of ICWAI.

Banking, insurance, transportation, hospitals, education and social services need to be brought under ambit of cost audit, he added.

"It is important to know the cost of social services - on what basis electricity and water usages are charged," said Mr Chandra Wadhwa, Vice-President.

The draft of a section of the Companies Act needs to be changed for this purpose.

This would be one of the key issues that the institute will take up with the Ministry of Company Affairs.

Database

According to the ICWAI, the move would help the Government build an authentic database on the cost structure of various services.

Several international agencies contemplating investments in India want a broad idea about the cost structure, Mr Wadhwa said. A cost database would be of importance to various regulatory bodies, the Competition Commission and Government Departments for fixing usage charges.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
SEO Company Search Engine Optimization Company US SEO Local SEO Company Website SEO Company Alabama SEO Company Alaska SEO Company Arizona SEO Company Arkansas SEO Company California SEO Company Colorado SEO Company Connecticut SEO Company Delawa

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