accounting standard as per income tax
This query is : Resolved
26 May 2011
please i need accounting standard as per income tax. Whether they are similar to AS-1 & AS-5 issued by ICAI?
CA PARAS BAFNA
(Expert)
26 May 2011
There are no separate Accounting Standard in the IT Act.
The Standard referred in the IT ACT are the same as prescribed by ICAI.
The Standard referred in the IT ACT are the same as prescribed by ICAI.
26 May 2011
but sir as per IT act there are 2 accounting standard AS-1 & AS-2.Which are the corresponding AS for these as per issued by ICAI?
CA PARAS BAFNA
(Expert)
26 May 2011
Yes the Standards prescribed by IT Act and ICAI are the same.
By the virtue of Section 145(2) the Central Govt. has been empowered to prescribe the Accounting Standards to be followed. CG has to notify the same in the Official Gazettee as and when thinks necessary.
By the virtue of Section 145(2) the Central Govt. has been empowered to prescribe the Accounting Standards to be followed. CG has to notify the same in the Official Gazettee as and when thinks necessary.
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