Income Computation and Disclosure Standard w.e.f. 1st day of April, 2015



Please refer notification on Income Computation and Disclosure Standard which is effective from 1st day of April 2015

.

Notification No.32/2015, F. No. 134/48/2010‐TPL, dated 31st March, 2015

S.O. 892 (E) In exercise of the powers conferred by sub-section (2) of section 145 of the Income-tax Act, 1961 (43 of 1961) and in supersession of the notification of the Government of India in the Ministry of Finance, Department of Revenue, published in the Gazette of India, Part II, Section 3, Sub-section (ii), vide number S.O 69(E) dated the 25th January, 1996, except as respects things done or omitted to be done before such supersession, the Central Government hereby notifies the income computation and disclosure standards as specified in the Annexure 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”. 


This notification shall come into force with effect from 1st day of April, 2015, and shall accordingly apply to the assessment year 2016-17 and subsequent assessment years. 


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One thought on “Income Computation and Disclosure Standard w.e.f. 1st day of April, 2015

  1. While the IRS offers amnesty programs for criminal tax evasion, the state tax amnesty programs are more likely to be applicable to the average taxpayer. State governments often run tax amnesty programs to boost revenue. The programs are available periodically, and usually allow taxpayers with past due balances to pay their balances off without paying the penalties and sometimes without interest as well.

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