Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: Central Excise rule to resale the machines to a new company :: TDS :: ACCOUNTING STANDARD :: empanelment :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: VAT RATES
 
 
News Headlines »
 Section 35 of the Income-tax Act?
 Notification regarding extension of last date w.r.t submission of closing stock by dealer.
 Integrated Goods and Services Tax (IGST) Rules, 2017 (As on 15.11.2017)
 Central Goods and Services Tax (CGST) Rules,2017 (As on 15.11.2017)
  101st Constitution Amendment Act, 2016
 Pr. Commissioner Of Income Tax-6 Vs. Mccain Foods India Pvt. Ltd.
 Section 10 of the Income-tax Act, 1961
 Income tax returns filing: No tax on gift received from relatives in form of cash
 Income tax returns (ITR): Here is why you need to pay higher tax on other incomes
 GST Update On Issuance Of Debit Notes And Credit Notes
 How Mutual Fund Investments Can Help Save Income Tax

New cost audit rules 'defies logic': ICAI
July, 14th 2014

Seeking review of the rules, cost accountants' apex body ICAI said it excludes several industries from the cost audit ambit and that the new norms “defy logic".

The Corporate Affairs Ministry, which is implementing the new companies law, came out with revised rules for cost records and audit on June 30. The new rules "defies logic... and have totally ignored the fact that cost audit has a perfect synergy with the enterprise governance framework", the Institute of Cost Accountants of India (ICAI) said in a statement. According to the institute, the latest rules have been prepared on the philosophy that cost records should be maintained only in those industries where policy intervention might be required while ignoring the fact those cost accounting norms were not just to bolster administered pricing.

Contending the new norms would "adversely impact the competitiveness of the Indian industry," ICAI said it hopes the cost rules 2014 would be reviewed and modified in the interests of stakeholders. "The cost rules 2014 has merged cost accounting records rules and cost audit rules. The present rules have no reference to maintenance of records on the basis of Generally Accepted Cost Accounting Principles and Cost Accounting Standards unlike the 2011 rules," the statement said. The new cost audit rules cover strategic, regulated and sectors where public interest is involved. "However the industries listed have excluded large number of sectors that have been considered to be strategic, consuming huge resources and in public interest that were covered earlier," the statement said.

Requesting changes in the rules, the institute has already written to Corporate Affairs Minister Arun Jaitley in this regard. "The changes made in the new Rules will severely affect the profession, its members and students totalling to around 6,00,000, the stakeholders and the Indian economy at large," ICAI had said in its letter to Jaitley dated July 1.

 
 
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