« Top Headlines » Open DEMAT Account in 24 hrs  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  Section 80DDB tax benefits for specified illnesses: 5 things to know  Income tax slabs FY 2024-25: Five tips to help taxpayers decide between old and new income tax regimes  ITR-1, ITR-2, ITR-4 forms for FY 2023-24 (AY 2024-25) available now on e-filing income tax portal  How To Save Tax For Salary Above 15 Lakhs? «  Investing in PPF? Take right steps... Chartered accountants bag BPO jobs... » New ICAI norms for financial instruments soon July, 08th 2006 The Institute of Chartered Accountants of India (ICAI) is in the final stage of formulating the accounting standard for financial instruments in India.    ICAI President T N Manoharan said the draft of the accounting standard would be released by September for consultation with different stakeholders.    The draft will be released by September for consultation. It will be finalised within December. The accounting standard for financial instruments will also include derivative products, Manoharan said.    ICAI was taking into consideration views of the Reserve Bank of India while finalising the accounting standard, he added.    Meanwhile, the institute has also initiated its work for framing the accounting standard in agricultural income. We have just started working on the accounting standard in agricultural income. It is in the initial stage, Manoharan said.    On the other hand, ICAI is in the final stage of submitting the roadmap for implementing accrual system of accounting in government accounts.    ICAI President further said, Government of India adopts cash system of accounting which is based on actual receipts and payments. We are in the process of formulating the roadmap for implementing accrual-based system of accounting.    The work is being carried out by ICAI in a sub-committee under Government Accounting Standards Advisory Board (GASAB).    We have had two meetings with GASAB. The roadmap will be prepared by this month-end, he said.    ICAI has also been assigned to prepare performance model for the ministry of human resource development, for its two major projects Sarva Siksha Abhiyan and mid-day meal scheme.    ICAI is preparing performance model to ensure optimal usage of funds. The basic model can be adopted for other welfare project of HRD ministry, Manoharan said.    At the same time, the committee of internal audit of ICAI is working on formulating a standard for internal audits.    Currently, internal audit can be done by anyone. We are in the process of framing a standard for internal audit. ICAI is also working to formulate a standard for system audits, he said.    Manoharan also informed that the Central Board of Direct Taxes would now be discussing with ICAI before publishing any forms or circulars.