Draft TAS: A Monumental Step!

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