« Top Headlines » Open DEMAT Account in 24 hrs  Mock Test Papers Series - I & II for Students appearing in CA Foundation January 2027 Examination.  Income Tax Rules 2026: CBDT Introduces Revised Form 161 for Penalty Waiver, Clarifies Misreporting Categories and Taxpayer Relief  ITR Filing and Income Tax Audit Deadline Extended: 5 Critical Things Taxpayers Must Know  Filing Belated ITR for AY 2026-27? Know Which Losses You Can Carry Forward and Which You May Lose  CBDT Extends Tax Audit Report Deadline to October 21, ITR Filing Last Date to November 21 for AY 2026-27  CBDT Extends AY 2026-27 ITR Filing Deadline for Tax-Audit Cases: New Dates and Key Compliance Details  Foreign Assets Missing From Your ITR? Income Tax Department Opens One-Time Disclosure Window  Tax Audit Deadline September 30: Why AIS, TDS and GST Figures May Not Match Your ITR and What Taxpayers Should Do  Tax audit deadline September 30: Common mistakes taxpayers should avoid  Your ITR says ‘verified’, but the refund hasn’t arrived? 5 reasons why your money could be stuck  Missed the ITR Deadline but TDS Refund Is Due? Here’s How You Can Still Claim Your Money «  CBDT disagrees with Shome panel, wants GAAR from next fiscal... Draft Tax Accounting Standards - Way To Go?... » 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.