Taxation Laws Bill introduced

IN PARLIAMENT TODAY

ojects, she said.  The ministry of tourism has sanctioned rs 32.22 crore for the creation of infrastructure and rs 62 crore for capacity building and skill upgradation in rural areas through goi-undp endogenous project, she said..  Three new Bills
Government today introduced in the rajya sabha three major legislations to tone up institutions of chartered accountants, cost accountants and company secretaries to deal with changes in economic and corporate environment.  The three Bills to amend Chartered accountants, cost accountants and company secretaries Acts were introduceed by Minister of State for Company Affairs Prem Chand Gupta incorporating recommendations of the standing committees which went into the bills. Consequently, the three original bills introduced in 2003 were withdrawn.  The three Bills provide for setting up institutionalised disciplinary mechanism, appellate authorities and quality review boards in the three bodies of institute of chartered accountants, cost accountants and company secretaries.  The bills also provide for enhanced autonomy to the three bodies for fixing various fees within prescribed broad limits, transparency in financial affairs and enabling members of these institutes to form multi-discliplinary firms and for offering multi-professional services.  According to statement of objects and reasons, the amendments to Chartered accountants Act have been necessitated in the face of changes in economic and corporate environment particularly in developments in capital markets and dismantling of the system of controls.