Latest Expert Exchange Queries

Make 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) | 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: due date for vat payment :: ACCOUNTING STANDARD :: VAT RATES :: TDS :: cpt :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: empanelment :: Central Excise rule to resale the machines to a new company
 
 
General »
 Non-performance: I-T dept transfers 245 commissioners
 Income Tax efiling: Tax implications resulting from clubbing of income
 Guidelines for selection of cases for scrutiny during the financial-year 2017-2018-regd
  GST: How companies are gaming the system
 Goods And Services Tax transparency: Elimination of added taxes to boost investment in realty
 In a first, Income Tax department to charge govt official under new benami law
 Income Tax Return Filing: 10 common mistakes people make while filing return of income
 Income Tax efiling: A few essential facts for senior citizens to keep in mind
 Pre-GST discounts get Maharashtra 16% more sales tax in three months
 Here’s how self-employed should efile their taxes
 Advance tax given by individuals in June quarter rises more than 40%

Private institutes to make accounts public
September, 08th 2010

Private higher educational institutions will have to disclose their income and expenditure in a standard format and make them public in line with corporate-style accounting and auditing norms being readied by the human resource development (HRD) ministry and the Institute of Chartered Accountants of India (Icai).

The guidelines are aimed at promoting openness and accountability in educational institutions, officials say.

The effort is to have transparency in the income and expenditure of higher educational institutes. Things like from which heads they are earning and under which head they are spending, said a senior ministry official who did not want to be named.

Parents, students and society should know clearly about all these things, the official added.

Though all educational institutions need to have their accounts audited, there is scope for manipulation of numbers because of the absence of a standard format, officials say. The numbers are also not required to be made public.

The ministry official said the new guidelines would make it mandatory for private sector institutions to make their accounts public.

Like private sector publicly listed companies, they have to put their statements in the public domain, the official said.

Ministry officials say there are concerns that many private institutions engage in malpractices to fleece students.

They may declare the course fee openly, yet several other expenditures like hostel, library (fees) become hidden ways to charge more, said a second ministry official. As higher education in private sector flourishes, hidden charges becomes a headache for millions of students.

Prashant Bhalla, vice-president of the private sector Manav Rachna International University in Faridabad, Haryana, said a broad accounting parameter could be ideal. We can put the accounts in public through newspapers, but we (the private sector) should not be painted as a group only indulging in wrong practices.

All state-funded higher educational institutes send their accounts to the government and are audited by the Comptroller and Auditor General of India (CAG) before being tabled in Parliament.

Non-government educational institutes will have the liberty to name their own auditor. Since they dont get grants, their accounts will not go to Parliament, added the second official.

According to official statistics, India has 504 universities, 22,000 colleges and several thousand technical education institutions.

Of the total number of higher educational institutes, at least 60% are controlled by the private sector.

At least 13 million students are pursuing higher education across India.

The move to enforce a uniform accounting system for private sector institutions is positive, said Shobha Mishra, head of the education wing at industry lobby Federation of Indian Chambers of Commerce and Industry, or Ficci.

With increasing private participation in the higher education sector, attempts to bring transparency is not a bad idea, Mishra said. I believe there should not be any distinction between public and private sector in education on this subject.

To boost education, the government is increasing its budgetary allocation. In the 2010-11 Budget, India earmarked `42,036 crore for education, an increase of around 15% from the previous fiscal. Higher education was allocated `11,000 crore, around 7% more than in 2009-10.

The HRD officials also said the 14 proposed innovation universities, which will have private sector participation and enjoy greater autonomy, will also need to adopt the new accounting standards and make public their income and expenditure through newspaper advertisements and website postings.

The chartered accountants forum has agreed to prepare the common accounting format on a no-profit, no-loss basis.

Amarjit Chopra, president of Icai, confirmed that the institute was working on auditing standards for higher educational institutions.

By the end of October, the institute will come up with such standards. A committee is being formed for it within the institute, Chopra said.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Team

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