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
« ICAI »
 What is Unique Document Identification Number (UDIN)?
 Register for Second Exclusive Batches of German Language (120 Hours) for ICAI Members and Students at Delhi-20th July 2019
 Exposure drafts of ASLB 21, 'Impairment of Non-Cash Generating Assets', ASLB 26, 'Impairment of Cash Generating Assets' and ASLB 32, 'Service Concession Arrangements: Grantor'
 Indian Institute Of Science Education And Research,Kolkata, West Bengal
 Results of the Common Proficiency Test (CPT) held in June 2019 are likely to be declared on Thursday, the 18th July 2019.
  Beneficial Schemes for the Members of ICAI - Committee for Capacity Building of Members in Practice, ICAI
 ICAI invites suggestions on tax proposals of Union Budget 2019-20
 Guidance Note on Division I- Non Ind AS Schedule III to the Companies Act, 2013- July 2019 Revised Edition
 Guidance Note on Division II- Ind AS Schedule III to the Companies Act, 2013- July 2019 Revised Edition
 FAQ on the Companies Act 2013- July 2019 Revised Edition
 Amendments to IFRS 17, Insurance Contractsa

CAs to get new rules for auditing books of political parties
September, 26th 2011

Call it corporatisation of political parties. Taking a step ahead towards introducing financial accountability among the political parties in India, the auditing regulator Institute of Chartered Accountants of India (ICAI) is set to issue guidelines on standard accounting norms to its member chartered accountants (CAs) across the country within a fortnight.

Political parties would be required to furnish their financial statements annually, which need to be vetted by CAs, who would be required to follow these guidelines. We are ready with the final version of the guidelines and well send it within two weeks, said G Ramaswamy, president, ICAI.

The ICAI had submitted a set of recommendations on uniform accounting and auditing framework to the Election Commission (EC) in May and the latter has forwarded it to the law ministry for suggestions.

The recommendations have been forwarded to the law ministry for further suggestions and for any amendments if required, an EC official said.

It is a positive step as there will be some transparency in income and expenditure, though a lot may still be done under cover, but important thing is a beginning towards disclosure would be made, said Gurudas Dasgupta, member of Parliament, CPI(M).

ICAI had also sent the recommendations to the Central Board of Direct Taxes (CBDT). This move will help in functioning of our new investigation unit, which is to monitor election expenditures, funding to political parties and enforce compliance to tax laws by political parties, a CBDT source said.

The EC has already set up a separate expenditure monitoring cell last year. It has deployed income tax officials of the investigation wing to assess conduct.

ICAI has recommended all parties should follow a common format of financial statements, which includes balance sheet, income and expenditure account, and cash flow statement.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Organic SEO Outsourcing Organic Search Engine Optimization Outsourcing Organic Website SEO Organic SEO India Website SEO India Organic Search Engine Optimization India Organic Internet SEO India Organic Web

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