Draft TAS: A Monumental Step!

By: Dolphy D'souza, E&Y

October 31, 2011 / 15:25 IST

By: Dolphy D'souza, Partner & National Leader-IFRS Services, E&Y

The issuance of two draft Tax Accounting Standards (TAS) for comments is a monumental step, whose impact should not be under estimated. The consequences could be substantially greater than the annual finance budget, and some of those could be unintended.

Even though the Finance Act, 1995 empowered the Central Government to notify TAS for determining taxable income, only two inconsequential standards were notified in the Income-tax Act

first published: Oct 31, 2011 03:16 pm

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