INCOME TAX ACCOUNTING STANDARDS

INCOME TAX ACCOUNTING STANDARDS FOR COMPUTATION OF INCOME CHARGEABLE TO INCOME TAX

CBDT notified the ten “income computation and disclosure standards” to be followed by all assessees, following the mercantile system of accounting, for the purposes of computation of income chargeable to income-tax under the head “Profit and gains of business or profession” or “ Income from other sources”.

The Notified Standards are relating to :- Continue reading