« Top Headlines » Open DEMAT Account in 24 hrs  ITR Filing: 6 Ways to Get Exemption on Income Tax  Income Tax Return Filing: 10 Mistakes To Avoid When Filing ITR For AY 2024-25  Old vs New Tax Regime: Who should move to the New Tax Regime from the old one?  Income Tax Calculator FY 2023-24: How To Know Your Tax Liability Online On IT Dept's Portal?  BackBack Income Tax Act amendment on cards on tax treatment of MSME dues  ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing. Check details here  Income tax slabs FY 2024-25: Experts share these 8 benefits for taxpayers in new income tax regime  How To File ITR Online - Step by Step Guide to Efile Income Tax Return, FY 2023-24 (AY 2024-25)  Old or new tax regime for TDS on salary? This post-election 2024 event will impact your tax planning  What Are 5 Heads Of Income Tax?  Income Tax Dept releases interim action plan for FY25 on tax collection, refund approvals «  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).