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| ICAI proposes to
come up with newer accounting standards
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The Institute of Chartered Accountants of India (ICAI) has proposed to
come up with newer accounting standards, covering miscellaneous issues,
in order to be in sync with what is being practised internationally. A
number of accounting standards are already in place while efforts are
on to include other critical topics within their fold.
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| Returns filed by realty
developers under scrutiny |
| The income-tax department plans to
conduct compulsory assessment of returns filed by all real estate developers
and corporate and non-corporate assesses who infused fresh capital in their
ventures in 2005-06. Scrutiny assessment refers to rigorous examination
of income-tax returns filed by these entities. |
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| Taxman won’t come
knocking at will |
The recent uproar over the income tax
department seeking cash flow statements of individual tax payers could
result in some safeguards being provided to the assesee against undue
harassment by tax officials.
The Central Board of Direct Taxes (CBDT) is set to
bar assessing officers from directly sending notices to tax payers if
they detect any mis-match between the investments declared in the cash-flow
statement and those captured in the annual information returns (AIR) collected
from third party sources. |
