WHETHER AS 22 APPLICABLE TO A PARTNERSHIP CONCERN OE NOT ?
1 Replies
Deepak Gupta
(CA Student)
(15922 Points)
Replied 31 January 2012
| Originally posted by : MUTHUSAMY | ||
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WHETHER AS 22 APPLICABLE TO A PARTNERSHIP CONCERN OE NOT ? |
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Non-corporate enterprises, such as sole proprietors, partnership firms, trusts, Hindu Undivided Families, association of persons and co-operative societies will now be required to follow Accounting Standards (AS) 22, Accounting for Taxes on Income, in respect of accounting periods commencing on or after 1-4-2006.
The decision to this effect has been taken by the Council of the Institute of Chartered Accountants of India (ICAI), at its meeting, held on June 24-26, 2004. The applicability of AS 22 has been deferred for those noncorporate enterprises which were required to follow AS 22 in respect of accounting periods commencing on or after 1-4-2003.
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