<h1>Government Seeks Public Feedback on Proposed Tax Accounting Standards u/s 145(2) of Income-tax Act by Nov 26, 2012.</h1> The Central Board of Direct Taxes established a committee in December 2010 to propose Accounting Standards under section 145(2) of the Income-tax Act, 1961. The committee submitted its Final Report in August 2012, recommending that these standards apply solely to computing taxable income, not for maintaining accounting books. It reviewed 31 standards from the Institute of Chartered Accountants of India and suggested Tax Accounting Standards for 14 issues. The report and drafts are available on government websites for public feedback until November 26, 2012. Comments can be submitted via email or post to the specified address.