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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Finance Bill 2014 amends section 145 of Income-tax Act: New standards for income computation and disclosure from April 2015.</h1> Clause 50 of the Finance (No. 2) Bill, 2014 amends section 145 of the Income-tax Act, effective from April 1, 2015. It replaces 'accounting standards' with 'income computation and disclosure standards' in sub-section (2), allowing the Central Government to notify these standards for specific classes of assessees or income. Sub-section (3) is amended to permit the Assessing Officer to assess under section 144 if the accounts are unsatisfactory, or if the prescribed accounting methods or standards are not consistently followed by the assessee. These changes apply from the assessment year 2015-16 onwards.
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