CBDT PANEL RECOMMENDS 14 TAX ACCOUNTING STANDARDS

The CBDT appointed committee has recommended 14 tax accounting standards. These standards, also known as Tax Accounting Standard (TAS), if and when adopted, will have a significant impact on computation of income chargeable to tax. The Central Board of Direct Taxes (CBDT) had
in December 2010 set up this committee to study the harmonization of accounting standards issued by the CA Institute with the direct tax laws in India.