accounting standard as per income tax

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pooja (Querist)
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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

CA PARAS BAFNA (Expert)
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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.

pooja

pooja (Querist)
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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

CA PARAS BAFNA (Expert)
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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.

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