The Central Board of Direct taxes has recently released a Discussion paper on Tax Accounting Standards (TAS) for comments/suggestions by all stakeholders. The Direct Taxes Committee of ICAI is in the process of considering the inputs to be given to CBDT with regard to the same.

Suggestions/comments are invited on the Tax Accounting Standards. The same may be sent at dtc.memoranda@icai.org preferably by 3rd November, 2011. The said discussion paper on Tax Accounting Standards may be downloaded from the link below:

http://www.incometaxindia.gov.in/archive/DiscussionPaper_10172011.pdf