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: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: form 3cd :: VAT Audit :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: cpt :: ACCOUNTING STANDARDS :: due date for vat payment
« Indirect Tax »
 Income Tax dept to intensify anti-black money operations
 Applicability of TDS provisions of section 194-I of the Income-tax Act, 1961 on lump sum lease premium paid for acquisition of long term lease-regarding
 CBDT seeks monthly data of disposed I-T appeals
 Further indirect tax may be levied in 2017
 India has to make its own tax law
 Centre warns against criticism of GST network
 Indirect tax collection jumps 26% in April-September, direct tax 9%
 Indirect Tax collections up
 Thank you note from income tax department
 Tax dept scanning IDS disclosures filed through post
 Poor management cause of financial pressure on Centre

Final Report of the Committee constituted for formulating Accounting Standards for the purposes of notification under section 145(2) of the Income-Tax Act, 1961.
October, 26th 2012
                                                                   Dated 26-10-2012
                                 PRESS RELEASE

Subject:    Final Report of the Committee constituted for formulating
Accounting Standards for the purposes of notification under section 145(2) of the
Income-tax Act, 1961.

       Section 145 (1) of the Income-tax Act, 1961 (`the Act') provides that the
income chargeable under the head "Profits and gains of business or profession" or
"Income from other sources" shall [subject to the provisions of sub-section (2)] be
computed in accordance with either cash or mercantile system of accounting
regularly employed by the assessee. Section 145 (2) provides that the Central
Government may notify Accounting Standards (`AS') for any class of assessees or for
any class of income.

2.     The Central Board of Direct Taxes (`CBDT') constituted a Committee
comprising of departmental officers and professionals in December, 2010 to inter alia
suggest AS for the purposes of notification under section 145 (2) of the Act.

3.     The Committee submitted its first Interim Report in August 2011. A
discussion paper containing the main recommendations of the Committee was issued
in October, 2011 for inviting comments/suggestions from all stakeholders.

4.      The Committee has submitted its Final Report in August, 2012. The
Committee recommended that the AS notified under the Act should be made
applicable only to the computation of taxable income and a taxpayer would not be
required to maintain books of account on the basis of AS notified under the Act.
The Committee examined all the 31 AS issued by the ICAI and recommended
notification of AS on 14 issues under the Act and formulated drafts of AS on these
issues. The Committee has termed them as "Tax Accounting Standards" (TAS) to
distinguish from the AS issued by the ICAI/notified under the Companies Act, 1956.

5.     The Final Report of the Committee (including drafts of the 14 TAS submitted
by the Committee) is uploaded on the Finance Ministry website (
and Income-tax Department website ( for comments
from stakeholders and general public.

6.    The comments and suggestions on the final report may be submitted by 26th
November, 2012 at the email addresses ( or or
by post at the following address with "comments on Final Report of Accounting
Standards Committee" written on the envelope:

Director (Tax Policy & Legislation)-III
Central Board of Direct Taxes,
Room No.147-G,
North Block,
New Delhi-110001
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Customer relationship management software CRM software Operational CRM Collaborative CRM

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