Income Computation and Disclosure Standards – An Overview
– By CA Vivek Newatia, CA Puja Borar
As per the provisions of Section 145, Income chargeable under the head “Profits and gains of business or profession” or “Income from other sources” shall be computed in accordance with either cash or mercantile system of accounting regularly employed by the assessee.
The Central Government has been empowered by the provisions of sub-section 2 of Section 145 to notify the Income Computation and Disclosure Standards for any […] Read More >>