Account standered
This query is : Resolved
13 June 2012
Is Account Standered Applicable in proprietorship Firm?
2. Is Income Tax department refer account standered in income tax audit?
If yes please give me Income tax section & rule
1. Whether Accounting Standards as declared by ICAI are applicable to proprietorship or partnership firms?
2. Whether Income Tax officer is bound to follow Accounting Standards declared by ICAI?
2. Is Income Tax department refer account standered in income tax audit?
If yes please give me Income tax section & rule
1. Whether Accounting Standards as declared by ICAI are applicable to proprietorship or partnership firms?
2. Whether Income Tax officer is bound to follow Accounting Standards declared by ICAI?
13 June 2012
Section 145 provides that Accounting Standards as notified shall be followed.
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