« Top Headlines » Open DEMAT Account in 24 hrs  Delhi HC Rules GST Registration Cannot Be Cancelled Retrospectively Without a Clear Show Cause Notice (SCN)  Belated income tax return AY 2026-27: How to file, late filing charges and what you may lose  Major Financial Changes from August 1, 2026: ITR Deadline, RBI MPC Meeting, Tatkal Ticket Rules & More  Government proposes to ease tax relief conditions for offshore funds  TallyPrime Connected Banking: Automating Banking and Accounting  ITR Filing Deadline 2026: Is July 31 the Last Date to File Your Income Tax Return? Latest Official Update  ITR filing deadline nears: How to file income tax return online on e-filing portal - quick 15-step guide  Will the ITR Filing Deadline Be Extended Beyond July 31 for FY 2025-26? Here's the Latest Update for Taxpayers  Income Tax Refund Delayed for AY 2026-27? 5 Common Reasons Your Refund May Be Stuck and How to Fix It  ITR Filing 2026: FM Nirmala Sitharaman Asks Tax Officials to Let Honest Taxpayers Correct Genuine Mistakes  Will Your FCNR Deposit Stay Tax-Free After Returning to India? Tax Rules Explained for NRIs «  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.