« Top Headlines » Open DEMAT Account in 24 hrs  New Income Tax Act: ITR forms to be issued prior to FY28, says govt  GSTR-9C Explained: Turnover Limit, Due Date, Statement Format & How to Prepare It in Tally Prime (2025 Update)  Will Income Tax Department release new ITR forms by January 2026? Finance Ministry says this  The Government of India has strengthened MSME protection through strict payment rules, ensuring that Micro & Small Enterprises receive timely payments from buyers. Under the MSME Development Act (MSMED Act), 2006, buyers must make payments within:  ITR Refund Delays in India: Why They Happen & How to FastTrack Your Refund in 2025  ITR Refund Delay: From Bank Errors To Department Checks, 5 Big Reasons Your Refund Gets Stuck  Income Tax Slabs 2025: New Vs Old Regime; Which One Is Better For You For FY2025-26?  Seamless Integration: How Tally Prime Connects Businesses to the Digital Economy  Govt to notify new ITR forms, Income Tax Act 2025 rules by January 2026: CBDT chief  Digital Efficiency for MSMEs: The Tally Prime Advantage  5 Ways Tally Prime Reduces Cost and Boosts Productivity for Startups «  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).