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: empanelment :: cpt :: TDS :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: form 3cd :: articles on VAT and GST in India :: VAT Audit :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
News Headlines »
 Are multiple service tax rates in the offing?
 All you need to know about claiming tax break on HRA
 How much income tax you should pay on investments in gold?
  Best ways to save tax in 2017
 8 unknown stocks that could yield huge returns
 Government may set threshold for probe into deposits to prevent harassment of taxpayers
 How to calculate capital gains tax
 April 1 still the target for GST: FM
 How to respond to CBDT’s tax compliance notice
 Goods & Services Tax (GST)(As On 01-01-2017)
 Excise, service taxpayers to migrate to GST portal by January 31

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.
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Vision

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