https://www.taxtmi.com/news?id=3922 The Committee recommends notifying Tax Accounting Standards (TAS) under section 145(2) to govern computation of taxable income only, not maintenance of books; TAS should apply to all taxpayers, include preambles stating the Act prevails on conflict, provide transitional provisions, and be enforced by return and tax audit modifications. Fourteen draft TAS (covering accounting policies, inventories, construction contracts, revenue recognition, fixed and intangible assets, foreign exchange, government grants, securities, borrowing costs, leases, provisions and related topics) contain tax specific departures from ICAI AS to reduce alternatives and litigation. en-us Fri, 26 Oct 2012 16:51:46 +0530 Wed, 11 Feb 2026 15:56:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=3922 The Committee recommends notifying Tax Accounting Standards (TAS) under section 145(2) to govern computation of taxable income only, not maintenance of books; TAS should apply to all taxpayers, include preambles stating the Act prevails on conflict, provide transitional provisions, and be enforced by return and tax audit modifications. Fourteen draft TAS (covering accounting policies, inventories, construction contracts, revenue recognition, fixed and intangible assets, foreign exchange, government grants, securities, borrowing costs, leases, provisions and related topics) contain tax specific departures from ICAI AS to reduce alternatives and litigation. News - Fri, 26 Oct 2012 16:51:46 +0530 https://www.taxtmi.com/news?id=3922