Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: empanelment :: list of goods taxed at 4% :: VAT Audit :: ACCOUNTING STANDARDS :: cpt :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
News Headlines »
 Seven things you must do before 31st March
 Income Tax saving investments: Top 5 options available for high-income individuals
 How to use zero tax rule on long term capital gains on stocks
 GST Returns - Furnishing details of inward supplies
 5 ways to maximise you income tax return
 Income-tax (2nd Amendment) Rules, 2017
 Soon, Faster PAN, An App For Filing Tax Returns
 Changes in income tax return filing process
 New Income Tax Rates And Deductions Applicable From April 1, 2017
 Tax and transparencya
 No decision yet on imposing tax on cash transactions

Exposure Draft of Limited Revision to Accounting Standard (AS) 22 Accounting for Taxes on Income (Comments to be received by October 10, 2012)
October, 01st 2012
                      Exposure Draft


     Limited revisions to Accounting Standard 22
           Accounting for Taxes on Income


        (Last date for Comments: October 10, 2012)



 

 

 

 

 




                        Issued by
              Accounting Standards Board

    The Institute of Chartered Accountants of India
 

 

 
                                     Exposure Draft

                 Limited revisions to Accounting Standard 22:
                       Accounting for Taxes on Income


The following is the Exposure Draft of the limited revisions to Accounting Standard (AS) 22,
Accounting for Taxes on Income. The limited revisions are proposed primarily to
synchronise the presentation requirements of AS 22, with the presentation requirements
prescribed under revised Schedule VI notified under the Companies Act, 1956. As the
earlier, Schedule VI to the Companies Act, 1956 was silent regarding the presentation of
deferred tax assets and deferred tax liabilities, an Explanation has been provided to
paragraph 30 of AS 22 prescribing the presentation of deferred tax assets and liabilities.
Since Part I of revised Schedule VI to the Companies Act, 1956 specifically provides for the
presentation of deferred tax assets and deferred tax liabilities, which is inconsistent with the
Explanation to paragraph 30 of AS 22 ,it is proposed to amend the Explanation to
paragraph 30 of AS 22.




The changes made in the Standard are indicated in track-changes mode.

The Board invites comments on any aspect of this Exposure Draft. Comments are most
helpful if they contain a clear rationale and, where applicable, provide a suggestion for
alternative wording.

Comments should be submitted in writing to the Secretary, Accounting Standards Board,
The Institute of Chartered Accountants of India, ICAI Bhawan, Post Box No. 7100,
Indraprastha Marg, New Delhi ­ 110 002, so as to be received not later than October 10,
2012. Comments can also be sent by e-mail at edcommentsasb@icai.org or asb@icai.org.

Explanation to paragraph 30 is amended. New text is underlined and deleted text is struck-through.



30.    Deferred tax assets and liabilities should be distinguished from assets and
       liabilities representing current tax for the period. Deferred tax assets and liabilities
       should be disclosed under a separate heading in the balance sheet of the
       enterprise, separately from current assets and current liabilities.




Explanation:

In the case of companies, dDeferred tax assets (net of the deferred tax liabilities, if any,
in accordance with paragraph 29) is disclosed on the face of the balance sheet
separately under the head "Non-current Assets' after the subhead `Investments' `Non-
current investments' and deferred tax liabilities (net of the deferred tax assets, if any, in
accordance with paragraph 29) is disclosed on the face of the balance sheet separately
under the head `Non-current Liabilities' after the subhead `Unsecured Loans' `Long-term
borrowings'.
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Multi-level Marketing MLM India Affiliate Marketing Affiliate Marketing Software MLM Software MLM Solutions Multi level marketing solutions MLM Servi

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions