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of <h1>Ind AS 12: Accounting for current and deferred income taxes, recognition, measurement, exceptions, and disclosure requirements</h1> Ind AS 12 prescribes accounting for current and deferred income taxes by recognising tax effects consistently with the accounting treatment of transactions: current tax for taxable profit of the period and deferred tax for taxable or deductible temporary differences, unused tax losses and credits. Deferred tax liabilities are recognised for taxable temporary differences, and deferred tax assets for deductible differences only if probable taxable profit exists. Measurement uses enacted or substantively enacted tax rates and reflects expected recovery/settlement methods. Specific exceptions cover initial recognition (including goodwill), investments in associates/subsidiaries, presentation outside profit or loss, offsetting and extensive disclosure requirements, and specified treatment for Pillar Two taxes.
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