Indian tax authorities must follow global standards
Sai Nikesh | The Dollar Business Income Tax authorities in India should focus more on the international accounting standard, say experts. A group of experts discussed changing faces of financial reporting and tax reporting and implementation of accounting standard at an event organized by the Confederation of Indian Industry (CII) on Thursday. Speaking at the inaugural session, H Srinivasulu, Member (Finance), Telangana State Electricity Regulatory Authority, and former Income Tax Commissioner, said, “Tax should be what the citizens like and not the government.” Explaining the changes that Indian tax system has undergone over the past few years, Srinivasulu made a mention of earlier sessions, which left key sectors like oil, agriculture, among others, out of the accounting standards. He also expressed concern ...
