« Top Headlines » Open DEMAT Account in 24 hrs  Mock Test Papers Series - I & II for Students appearing in CA Foundation January 2027 Examination.  Income Tax Rules 2026: CBDT Introduces Revised Form 161 for Penalty Waiver, Clarifies Misreporting Categories and Taxpayer Relief  ITR Filing and Income Tax Audit Deadline Extended: 5 Critical Things Taxpayers Must Know  Filing Belated ITR for AY 2026-27? Know Which Losses You Can Carry Forward and Which You May Lose  CBDT Extends Tax Audit Report Deadline to October 21, ITR Filing Last Date to November 21 for AY 2026-27  CBDT Extends AY 2026-27 ITR Filing Deadline for Tax-Audit Cases: New Dates and Key Compliance Details  Foreign Assets Missing From Your ITR? Income Tax Department Opens One-Time Disclosure Window  Tax Audit Deadline September 30: Why AIS, TDS and GST Figures May Not Match Your ITR and What Taxpayers Should Do  Tax audit deadline September 30: Common mistakes taxpayers should avoid  Your ITR says ‘verified’, but the refund hasn’t arrived? 5 reasons why your money could be stuck  Missed the ITR Deadline but TDS Refund Is Due? Here’s How You Can Still Claim Your Money «  An interactive meeting of the members of Ombudsman... I-T exemption may be raised in Budget... » ICAI gears up for intl accounting standards November, 27th 2007 The Institute of Chartered Accountants of India (ICAI), which has announced that the Indian accounting standards will be converged with International Financial Reporting (IFR) accounting standards from the financial year 2011-2012 onwards, is already gearing up for the challenge.   Ruling out any possibilities of complications arising out of the convergence, Ved Jain, vice-president, ICAI, said, Indian accounting standards are already on the lines of IFR standards and will require very minor changes. It will nowhere affect the performances of the companies or make them incur losses. The standards are different only to the extent of centigrade and Fahrenheit.   The institute is already training CA professionals across the country in this regard. The US too has agreed to adopt the IFR.   Apart from the US GAAP (generally accepted accounting principles) being converged with the international standard, over 100 countries have already adopted the IFR.   With globalisation at its peak, there had been a huge demand since long across the world for common accounting standards. Unlike India, several countries had some differences in adopting the common international accounting standard of IFR given the amount of changes required in their current standards, he said.   The common accounting standards has benefited several multinational companies, who until now had to publish and submit different set of accounts in the countries of their operations.   The Supreme Court recently upheld the revised accounting standards, AS 22, issued by ICAI, made mandatory for all listed companies since financial year 2001-02.