<h1>Finance Bill 2014: Amends Section 145 of Income Tax Act to Clarify Accounting Standards for Income Computation Only.</h1> The Finance (No. 2) Bill, 2014, proposes amendments to Section 145 of the Income Tax Act, clarifying that Accounting Standards (AS) notified by the Central Government are intended solely for income computation and disclosure, not for maintaining accounting books. These standards, applicable from April 1, 2015, will guide income computation for specific classes of assessees or income. If income is not computed per these standards, the Assessing Officer may assess it under Section 144. The Central Board of Direct Taxes' recommendations, following public consultation, led to these proposed changes, aiming to streamline income computation and disclosure practices.