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    Tax Accounting Standards

    On 17 October 2011, the Ministry of Finance issued a discussion paper on Tax Accounting Standards (TAS). As a part of the Discussion Paper, the Ministry of Finance has also issued the Draft TAS on Construction Contracts and Government Grants for comments and suggestions.

    October 19, 2011 / 22:43 IST

    On 17 October 2011, the Ministry of Finance issued a discussion paper on Tax Accounting Standards (TAS). As a part of the Discussion Paper, the Ministry of Finance has also issued the Draft TAS on Construction Contracts and Government Grants for comments and suggestions. If the recommendations in the discussion paper are eventually accepted and incorporated into the Act, taxable income would be computed based on provisions of the TAS irrespective of the accounting standards followed for the preparation of the financial statements. The attached brief note by KPMG provides you with more details and background on this development.


    KPMG (in India) allows reasonable personal use of the e-mail system. Views and opinions expressed in these communications do not necessarily represent those of KPMG (in India).

    For more details, click on the attachment below...

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    first published: Oct 19, 2011 10:39 pm

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