ICAI to submit report in Sept on black money

The Institute of Chartered Accountants of India (ICAI) will submit a report to the Central Board of Direct Taxes (CBDT) next month with its recommendations on tackling issues related to black money.

"A nine-member committee is looking into India's Double Taxation Avoidance Treaty Agreements (DTAAs) with various countries and a report is expected in September," ICAI president G Ramaswamy said today.

"We are also looking at the economic structure of countries like Mauritius, by keeping in touch with chartered accountant associations there. Our focus includes ways to stop issues like benami transactions," he said.

The suggestions and recommendations could include changes in certain acts to tackle the issues related to black money. ICAI will also come up with certain suggestions on green-auditing and corporate social responsibility soon. It has also sent a proposal to the Centre and the state governments to allow certified chartered accountants to audit the financial expenses of social welfare schemes and co-operative societies, Ramaswamy said.