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Praveen Kumar
Praveen Kumar

This document outlines an accounting standard for taxes on income. It defines key terms like accounting income, taxable income, permanent differences, and timing differences. It provides an example to illustrate the treatment of deferred taxation when depreciation is treated differently for accounting and tax purposes. It also covers recognition, measurement, disclosure requirements, and transitional provisions for the standard.

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ACCOUNTING STANDARD - 22 TAXES ON INCOME J.P., KAPUR & UBERAI
SCOPE J.P., KAPUR & UBERAI ,[object Object],[object Object],[object Object],[object Object]
DEFINITIONS J.P., KAPUR & UBERAI ACCOUNTING INCOME (LOSS) Net profit or loss for a period as per profit and loss statement. TAXABLE INCOME (TAX LOSS) Income (loss) for a period determined in accordance with the tax laws.
TAXES ON INCOME ,[object Object],[object Object],[object Object],[object Object],J.P., KAPUR & UBERAI
Permanent Differences J.P., KAPUR & UBERAI Permanent differences are those which arise in one period and do not reverse subsequently For e.g., an income exempt from tax or an expense that is not allowable as a deduction for tax purposes.
Timing Differences ,[object Object],[object Object],J.P., KAPUR & UBERAI
TREATMENT ,[object Object],[object Object],[object Object],[object Object],J.P., KAPUR & UBERAI
TREATMENT ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],J.P., KAPUR & UBERAI
RECOGNITION ,[object Object],[object Object],[object Object],J.P., KAPUR & UBERAI
MEASUREMENT ,[object Object],[object Object],[object Object],J.P., KAPUR & UBERAI
DISCLOSURE ,[object Object],[object Object],[object Object],J.P., KAPUR & UBERAI
Transitional Provisions ,[object Object],J.P., KAPUR & UBERAI

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As 22

  • 1. ACCOUNTING STANDARD - 22 TAXES ON INCOME J.P., KAPUR & UBERAI
  • 2.
  • 3. DEFINITIONS J.P., KAPUR & UBERAI ACCOUNTING INCOME (LOSS) Net profit or loss for a period as per profit and loss statement. TAXABLE INCOME (TAX LOSS) Income (loss) for a period determined in accordance with the tax laws.
  • 4.
  • 5. Permanent Differences J.P., KAPUR & UBERAI Permanent differences are those which arise in one period and do not reverse subsequently For e.g., an income exempt from tax or an expense that is not allowable as a deduction for tax purposes.
  • 6.
  • 7.
  • 8.
  • 9.
  • 10.
  • 11.
  • 12.