« 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 «  e-payment of direct taxes mandatory for corporates... ‘No proposal to bring big farm firms under tax net’... » ICAI to advise firms to disclose derivative losses March, 19th 2008 Over three months after it first came out with a new accounting standard requiring companies to provide for all kinds of losses including those from derivative trading, the Indian accounting regulator intends to encourage companies to conform to the norm.   The issue has come to the forefront following a number of Indian companies revealing that they could take a financial hit on bets placed on currencies and commodities.   Last December, the Institute of Chartered Accountants of India (ICAI) had come up with a detailed accounting standard AS30 to establish principles for recognising and measuring financial assets and liabilities and some contracts to buy or sell non-financial items.   It is not yet mandatory for companies to follow this standard, and ICAI President Ved Jain informed that the regulator did not plan to make it mandatory in the near future. We do, however, intend to encourage companies to conform to AS30, he added.   Sources added that ICAI intends to push Indian companies to provide for such losses as a matter of prudential accounting.   Last week, Finance Minister P Chidambaram had told Parliament that the exposure of banks operating in India to derivatives grew near 300 per cent over two years to gross Rs 127.86 lakh crore by last December.   Indian companies listed on overseas stock exchanges have to disclose any losses on account of derivative trading, as mandated by the International Accounting Standard-39.