Synchronise accounting norms with I-T Act
Under Section 145 of the Income-tax Act, 1961, specified assessees are required to comply with the accounting standards prescribed thereunder. Presently, though, this Section is relatively inactive and only two accounting standards have been prescribed.

Amend I-T Act to encourage stock options by overseas parent firms
A controversial issue has arisen recently, pertaining to stock options issued by a foreign parent company in favour of employees of its Indian subsidiary. Generally, a scheme is devised by the foreign company whereby the employees of the Indian subsidiary can opt for shares of the parent company at a pre-determined price.

Cart before the horse
A multi-tiered regulatory structure is being spawned for the power sector. There will be the Central Electricity Regulatory Commission (CERC) to regulate power tariffs of central generating utilities, of inter-state generating companies and of transmissions across states.

  Coming of age
  The index