Sec 145(2)

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sahil (Querist)
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03 July 2010 As per this sec CG has power to issue AS .

Please tell at this time is there any AS present that has been issued by govt and are in force.

CA CS CIMA Prakash Somani

CA CS CIMA Prakash Somani (Expert)
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03 July 2010 Though there is none in my knowledge but ICAI is itself under govt of india control so you can say whatever As is issued is after through discussion with all the committees

sahil

sahil (Querist)
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04 July 2010 No its not the correct ans.

Akhil Agrawal

Akhil Agrawal (Expert)
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05 July 2010 Yes AS-1 - Disclosure of Accounting Policies & AS - 5 are the ones being issued till date.However rem that in I.tax they are called AS-1 & As-2.

Also stock in Income Tax is to be calculated at FIFO method which is also what AS-2 says.

sahil

sahil (Querist)
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05 July 2010 Do these are AS are applying at present also??

Akhil Agrawal

Akhil Agrawal (Expert)
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06 July 2010 Yes, it is not about following it or not. if its in law it has to be followed. Otherwise AO can reject ur books & assess ur income to the best of his judgement.

sahil

sahil (Querist)
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06 July 2010 Whats the significance of bring in out as per IT Act??

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