CBDT Notifies Draft Tax Accounting Standards

In this alert, Deloitte has outlined the key features of the recent draft Tax Accounting Standards (TAS) recommended by the Accounting Standards Committee constituted by the CBDT. The draft TAS has been issued for 14 out of 31 Accounting Standards issued by ICAI. The remaining 17 Accounting Standards have not been dealt with in view of the fact that either the specific provisions under the Act are already available so as not to warrant further examination for the purpose of harmonization with the Act or the AS mainly deal with disclosure requirements in the financial statements.

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