Final Report of the Committee constituted for formulating Accounting Standards for the purposes of notification u/s 145(2) of the Income-tax Act, 1961

Section 145 (1) of the Income-tax Act, 1961 (the Act) provides that the income chargeable under the head Profits and gains of business or profession or Income from other sources shall [subject to the provisions of sub-section (2)] be computed in accordance with either cash or mercantile system of accounting regularly employed by the assessee. Section 145 (2) provides that the Central Government may notify Accounting Standards (AS) for any class of assessees or for any class of income.

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Attached File : 40_12344_asc_final_report_26102012.doc

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