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Draft Tax Accounting Standards
November, 08th 2012
The Ministry of Finance (MoF) has issued the Final Report of the Accounting Standards Committee (Committee) constituted by the Central Board of Direct Taxes for formulation of Accounting Standards under the Income Tax Act (the Act).   The Report contains the final recommendations of the Committee and includes drafts of 14 Tax Accounting Standards (TAS) that will apply to the computation of taxable income under the Act.  The MoF and the CBDT have sought comments from stakeholders and the general public on this report by November 26, 2012.

The issuance of TAS represents a significant development in providing an independent framework for computing taxable income.  Although these standards are based on the Accounting Standards issued by the Institute of Chartered Accountants of India (ICAI), they contain several modifications that are largely designed to ensure conformity with the existing provisions of the Act, to provide certainty on issues that have been the subject of litigation over the years and minimise the alternatives available in order to bring consistency in computation of taxable income.  Companies would need to carefully evaluate the potential impact of the TAS on their tax positions and outflows as well as the efforts involved in determining income based on this proposed framework.

The attached publication provides KPMGs analysis of the impact on determination of taxable income and highlights the areas of significant change as compared to current accounting standards, tax laws and judicial precedents.
 
 
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