« Top Headlines » Open DEMAT Account in 24 hrs  New Income Tax Act: ITR forms to be issued prior to FY28, says govt  GSTR-9C Explained: Turnover Limit, Due Date, Statement Format & How to Prepare It in Tally Prime (2025 Update)  Will Income Tax Department release new ITR forms by January 2026? Finance Ministry says this  The Government of India has strengthened MSME protection through strict payment rules, ensuring that Micro & Small Enterprises receive timely payments from buyers. Under the MSME Development Act (MSMED Act), 2006, buyers must make payments within:  ITR Refund Delays in India: Why They Happen & How to FastTrack Your Refund in 2025  ITR Refund Delay: From Bank Errors To Department Checks, 5 Big Reasons Your Refund Gets Stuck  Income Tax Slabs 2025: New Vs Old Regime; Which One Is Better For You For FY2025-26?  Seamless Integration: How Tally Prime Connects Businesses to the Digital Economy  Govt to notify new ITR forms, Income Tax Act 2025 rules by January 2026: CBDT chief  Digital Efficiency for MSMEs: The Tally Prime Advantage  5 Ways Tally Prime Reduces Cost and Boosts Productivity for Startups «  Revisiting Coz Law Amendment Bill... People scramble to file tax-returns... » SC refuses to stay AS-22 July, 31st 2007 The Supreme Court on Monday refused to stay accounting standard AS-22 though it admitted the petitions of some corporate houses challenging this new norm issued by the Institute of Chartered Accountants of India on deferred tax liability of listed companies. A bench comprising Justice SH Kapadia and Justice BS Reddy observed that the norms would continue to be in operation after Solicitor General GE Vahanvati appearing for Centre opposed the petitions saying AS-22 had come into effect in 2001. Counsel P Dayal appearing for the Institute of Charted Accountants of India also opposed stay on the new accounting method saying that it was envisaged after much thought. Simplex Infrastructure, First Leasing Company of India and Association of Leasing and Financing Services Companies had sought quashing of AS-22 on the ground of it being ultra vires. Under AS-22, a company became liable to provide for deferred tax liability on the first day the company accounted for its income in accordance with the AS-22 even when there was no certainty. The petitioner companies through its counsels submitted that deferred tax liability was a notional liability that can be charged to the profit and loss account (PLA). Deferred tax liability arises when a firm underpays its taxes due to a difference between how it accounts for an asset on its book versus how it accounts for it on tax basis. Earlier, the Calcutta High Court had upheld AS-22 which had brought in a new concept called deferred taxation. The court while upholding it had observed that deferred tax liability was not a notional tax liability but a real liability because it would result in future cash outflow in the form of tax payment to the tax recovering authority.