« Top Headlines » Open DEMAT Account in 24 hrs  Income Tax Return Filing: 10 Mistakes To Avoid When Filing ITR For AY 2024-25  Old vs New Tax Regime: Who should move to the New Tax Regime from the old one?  Income Tax Calculator FY 2023-24: How To Know Your Tax Liability Online On IT Dept's Portal?  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 «  The only disability in life is a bad attitude... ICAI to help Bengal connect university syllabi with IT... » ICAI working on new financial statement format for stock brokers September, 02nd 2006 Stock brokers may soon have a new format for presenting their financial statements. The Institute of Chartered Accountants of India (ICAI) proposes to come up with a standardised format for financial statements that could be adopted by the stock broking community. "As of now, there is no uniformity in the format of the financial statements prepared by the stock brokers. This raises disclosure and transparency issues in certain cases. We are planning to suggest a format that would bring about uniformity, certain minimum disclosures and make the financial statement more transparent," said Mr T.N. Manoharan, ICAI President. He also said that the Securities and Exchange Board of India would be informed about the new format that would be prepared by the ICAI. Broking houses that are registered as corporates adopt schedule VI of the Companies Act as the format for financial statements. The non-corporate entities do not have a uniform format for financial statements. The Central Council of ICAI is to meet in Mangalore from September 6-8 and discuss, among other things, the draft format prepared for financial statements for stock brokers. The council would also review the ceiling in the number of tax audit assignments that can be undertaken by a chartered accountant. Currently, the ceiling has been pegged at 30 tax audit assignments for every chartered accountant.