« Top Headlines » Open DEMAT Account in 24 hrs  Delhi HC Rules GST Registration Cannot Be Cancelled Retrospectively Without a Clear Show Cause Notice (SCN)  Belated income tax return AY 2026-27: How to file, late filing charges and what you may lose  Major Financial Changes from August 1, 2026: ITR Deadline, RBI MPC Meeting, Tatkal Ticket Rules & More  Government proposes to ease tax relief conditions for offshore funds  TallyPrime Connected Banking: Automating Banking and Accounting  ITR Filing Deadline 2026: Is July 31 the Last Date to File Your Income Tax Return? Latest Official Update  ITR filing deadline nears: How to file income tax return online on e-filing portal - quick 15-step guide  Will the ITR Filing Deadline Be Extended Beyond July 31 for FY 2025-26? Here's the Latest Update for Taxpayers  Income Tax Refund Delayed for AY 2026-27? 5 Common Reasons Your Refund May Be Stuck and How to Fix It  ITR Filing 2026: FM Nirmala Sitharaman Asks Tax Officials to Let Honest Taxpayers Correct Genuine Mistakes  Will Your FCNR Deposit Stay Tax-Free After Returning to India? Tax Rules Explained for NRIs «  India gives a reason to cheer to accountants... Auto Mission Plan seeks tax holidays to attract mega... » ICAI to develop taxanomy January, 29th 2007 The Institute of Chartered Accountants of India (ICAI) said it would soon constitute a committee consisting of regulators to develop a taxanomy for the promotion of Extensible Business Reporting Language (XBRL) in India.    The committee will comprise regulators and stock exchanges including the RBI, SEBI, Ministry of Company Affairs, IRDA, BSE and NSE.    We have decided to constitute a committee which will consist of 10 to 12 members for the development of taxanomy. Taxanomy is a dictionary of financial terms, said ICAI President T N Manoharan.    The committee will be constituted by next month. ICAIs council had discussed the need for promoting XBRL in India. XBRL is a technology-cum-accounting language which will facilitate financial reporting in a uniform manner. Around 11 countries have already introduced XBRL.    ICAI has also finalised the adoption of the systems audit standards in India, which would allow members with Diploma in Information Systems Audit qualification to avail the benefits of these standards in the systems audit discipline.    The institute is in the process of signing an MoU with the US based ISACA (Information Systems Audit and control Association).