indian accounting standard [as] -22 tax on income

Accounting for Taxes on IncomeAS-22 vis-à-vis IAS (IFRS)-

12a presentation by

Shanavas M B.Com ACA

Chartered Accountant

Shanavas M B.Com ACA 2

Topics and Agenda

1. Scope

2. Current Tax – Recognition and Measurement

3. Deferred Tax – Recognition and Measurement

4. Specific Application

5. Presentation and Disclosure

6. Future development


Scope

CRITERIA

(a) Legal description/ characteristics of the tax

(b) Starting point for determining the taxable amount

a. Business income

b. Units of Production

c. Turnover

(c) Transactional taxes/ Production tax not covered


Scope

CRITERIA …contd.

(d) Interest and Penalties for underpayment/ late payment of income tax

a. Not an income tax

b. Instead to be presented on the basis of its nature i.e.

i. Finance cost (interest) or

ii. Operating expense (penalty)


Scope

CRITERIA …contd.

(e) Hybrid Tax – Production based component and profit based component.

a. Production based component of tax – not income tax and outside the scope; eg. Petroleum revenue tax - not an income tax

b. Profit based tax considered as income tax


Scope

CRITERIA …contd.

(f) a. Investment tax credits based on the investments to be accounted as per IAS 20.

b. Investment tax credits based on business income to be accounted as per IAS 12.


Current Tax

Definition

1. Income tax payable (recoverable) on taxable profit (tax loss) for a period (IAS 12.5)

2. Taxable profit/ loss – Profit (loss) as per taxation rules (IAS 12.5)

3. Income tax payable (recoverable) with reference to taxable profit/ loss


Recognition of Current Tax Assets and Liabilities

1. Liability for current and prior reporting periods to be recognized, if not paid. (IAS 12.12)

2. Excess payment over the dues to be recognized as assets. (IAS 12.12)

3. Asset to be recognized when tax loss can be carried back to recover the current tax of an earlier period. (IAS 12.13)


Recognition of Current Tax Assets and Liabilities

4. Current Tax to be recognized in profit or loss statement.

a. Exceptions (IAS 12.58)

i. Current Tax relating to a transaction not recognized in the statement of profit or loss;

examples: recognized in other comprehensive income or directly in equity; revaluation of

property (IAS 16), exchange differences on the translation of financial statement of foreign operations. (IAS 21).


Recognition of Current Tax Assets and Liabilities …contd.

Adjustment to the opening balance of retained earnings due to change in accounting policy

with retrospective effect (IAS 8).

ii. Current tax arising from a business combination

5. Specific Cases

(a) Uncertainty regarding amount to be recognized outside profit or loss.


Recognition of Current Tax Assets and Liabilities …contd.

(b) Tax on Dividends

a. On behalf of the shareholders

b. On the dividends declared.

(c) Withholding Tax


Current Tax Assets and LiabilitiesMeasurement – at the amounts

(a) Expected to be paid to/ recovered from the tax authorities.

(b) Using the tax rate (and tax laws) enacted or substantially enacted by the end of the reporting period.

(c) Deferral of Current Tax – treatment to adopt discounted liability.


Current Tax Assets and LiabilitiesMeasurement – at the amounts

(d) Uncertain tax position vis-à-vis contingent liabilities (IAS 37) –

a. investigations, search, raid, likelihood of detection of errors and mistakes, etc.

b. disputed legal issues

c. uncertainty as to interpretation of tax laws

d. Changes in tax status of an entity or its shareholders


(a) Focus on statement of financial position.

(b) Recognising tax effect of temporary differences.

(c) Temporary Difference = Carrying amount – Tax Base

(d) Deferred Tax Asset

Liability

Temporary Difference

Deferred Tax –Accounting Issues – General Approach

= x Tax Rate


Definitions and Components

(a) Deferred tax liabilityIncome tax payable in future period in respect of taxable temporary difference (IAS 12.5)

(b) Deferred tax asset

Income tax recoverable in future period in respect of

(i) Deductible temporary difference

(ii) Carry forward of unused tax losses

(iii) Carry forward of unused tax credit


Computation of Deferred Tax Assets and LiabilitiesPrincipal StepsStep 1: Calculate the tax base of each asset and liability in

the statement of financial position.

Step 2: Calculate the temporary difference (if any) for each of the above items determined in Step No.1.

Step 3: Identify the temporary differences giving rise to deferred tax assets or liabilities with reference to (a) recognition criteria (b) initial exemption.


Computation of Deferred Tax Assets and LiabilitiesPrincipal StepsStep 4: Compute deferred tax attributable to the temporary

differences by multiplying each temporary difference computed in step 3 by the tax rate expected to apply when the temporary difference reverses.

Step 5: Recognize the movement between deferred tax balances in the opening and closing statement of financial position as under.

(a)Statement of profit or loss(b)Statement of other comprehensive income(c)In equity (d)As part of initial accounting for a business combination


Calculation of Tax BaseTax Base of an Asset — Definition

Amount attributed to an asset for tax purposes:

(a) Asset - Amount eligible for deduction for tax purposes against any taxable economic benefit flowing to an entity on the recovery of the carrying amount of the asset.

Taxable benefits

(i) proceeds on disposal of asset

(ii) income earned through use of the asset


Calculation of Tax BaseTax Base of an Asset — Definition

Amount attributed to an asset for tax purposes:

(b) When economic benefits from an asset is not taxable, tax base is equal to the carrying amount.

(c) Refer examples of the calculation of tax base of an asset given in paragraph 7 of IAS 12 .


Calculation of Tax BaseTax base of a Liability

Amount attributed to a liability for tax purposes

(a) Carrying amount less amount deductible for tax purposes in future period in respect of that liability.

(b) The revenue received in advance – carrying amount less revenue not taxable in future periods.

Refer examples of the calculation of tax base of a liability given in paragraph 8 of IAS 12.


Tax bases without an associated carrying amount — treatment

Fundamental principles of the standard to be applied when tax base of an asset or liability is not immediately apparent.

(a) Entity to recognize deferred tax asset/ liability

(b) When recovery or settlement of the carrying amount of an asset or liability would make future tax payment larger (smaller) than they would be, if such recovery or settlement were to have no tax consequences.

(c) Treatment in the consolidated financial statement


Computation of Deferred Tax Asset/ Liability

Alternate tax rates and tax bases according to management intent

(a) Recovery of the asset

a. through sale

b. through use and

c. through use and sale

(b) Appropriate and applicable tax rate to be adopted for use and disposal of an asset.



(c) Non depreciable assets such as

a. Land

b. Investment properties that are carried at revalued amounts

c. Brand with an indefinite useful life

d. Investment and owner occupied property.



(d) Change of management intention and expectation

with regard to recovery of an asset/ settlement of a liability.

(e) Rollover relief allowable on disposal of a

capital asset for a profit.


Calculation of Temporary Difference

1. Definition:

Difference between the carrying amount of an asset or liability in the statement of financial position and its tax base.

2. Determined by reference to carrying amount of an asset or liability (IAS 12.55).

Carrying amounts determined from the accounting records: net of any allowance or deduction such as those for

doubtful debts or impairment of losses.


Circumstances giving rise to temporary differences

(a) Income/ expenses included in accounting profit in one period but included in taxable profit in a different period (Timing difference).

(b) Adjustment of asset/ liabilities to their fair values at the date of acquisition in a business combination without any corresponding effect on tax bases.

(c) Revaluation of asset/ liability without any change in the tax base.


Circumstances giving rise to temporary differences

(d) Indexation or other adjustments allowable under the tax laws but without a corresponding revaluation for accounting purposes.

(e) Non deductible goodwill arising in a business combination.


Types of Temporary Difference

1. Taxable Temporary Difference

2. Deductible Temporary Difference


Taxable Temporary Difference — A Temporary Difference

(a) That will result in taxable amounts

(b) In determining taxable profits (tax loss)

(c) Of future periods

(d) When the carrying amount of the asset or liability is recovered or settled.


Deductible Temporary Difference — A Temporary Difference

(a) that will result in amounts that are deductible

(b) In determining taxable profits (tax loss)

(c) Of future periods

(d) When the carrying amount of the assets or liability is recovered or settled


Deductible Temporary Difference — Effect of

(a) Decrease taxable income in future

(b) Result in Deferred Tax Asset

Examples:

Deductible Temporary Difference

(a) Retirement benefit cost/ contribution to Employees Welfare Schemes recognized on accrual basis in the accounts but deduction allowable in determining taxable profits on payment basis (43B of the IT Act).


Deductible Temporary Difference — Effect of

(b) Research cost recognized as an expense in the accounting records in the period in which such expense are incurred, but deduction permitted in determining taxable profit in a later period.

(c) Revaluation of assets to provide for impairment without an equivalent adjustment being made for tax purposes.


Useful Guide for Determination of Taxable/ Deductible Temporary Difference

Carrying amount

Minus Tax base Type of

Temporary Difference Give rise to…

Asset Positive Taxable Deferred tax liability

Asset Negative Deductible Deferred tax asset

Liability Positive Deductible Deferred tax asset

Liability Negative Taxable Deferred tax liability


Identification and Recognition of Temporary Difference

(a) Deferred Tax liability to be recognized for all taxable Temporary Differences. Exceptions: those arising from

1. initial recognition of goodwill or

2. initial recognition of an asset or liability in a transaction which

a. is not a business combination, and

b. at the time of the transaction, affects neither accounting profits nor taxable profits.


Identification and Recognition of Temporary Difference

(b) Deferred Tax Liability to be recognized for taxable Temporary Differences associated with investments in subsidiaries, branches and associates and interest in joint venture except to the extent shown below. (IAS 12.39)

1. parent investor or venturer is able to control the timing of the reversal of Temporary Difference and it is probable (more likely than not) that the Temporary Difference will not reverse in the foreseeable future


Recognition of Deductible Temporary Difference

(a) Deferred tax asset to be recognized for

a. All deductible Temporary Difference

b. To the extent that it is probable (more likely than not)

that taxable profit will be available against which

deductible Temporary Difference can be utilized;



c. Exceptions - Deferred Tax assets arises from the

initial recognition of an asset or liability in a transaction

that is

i. not a business combination and

ii. at the time of the transaction affects

neither accounting profit or taxable profit.



d. Deferred Tax Asset relating to Deductible Temporary Difference associated with investments in

subsidiaries, branches and associates and interest in joint ventures

to be recognized to the extent shown below

i. Temporary Difference will reverse in the foreseeable future

ii. Taxable profit will be available against which Temporary Difference can be utilized.


Temporary difference arising on the initial recognition of an asset or liability


Recognition Exemption

1. Initial recognition of an asset or liability

2. Acquisition of investment property

3. Government grants

4. Recognition exemptions applied by an acquiree

5. Transfers of asset between group entities

6. Investment in subsidiaries.


Recognition Exemption

7. Branch and associates and

8. Interest in joint ventures

9. Investment in jointly controlled entities

10. Change in investment from Subsidiary to Associate

11. Foreign currency adjustments

12. Inflation adjustments


Recognition of Deferred Tax Assets

Arises from deductible Temporary Difference

(a) where the carrying amount of an asset is less than its tax base

(b) ability to carry forward unused tax losses and unused tax credits

(c) Important condition — availability of future taxable profit for utilization against the deductible difference. Probability of greater than 50% (IASB tentatively agreed as part of IFRS/ US Convergent Project to make this clarification).


Probability of availability of Taxable Profit — Para. 12.28 Conditions

1. There are sufficient taxable Temporary Difference relating to the same taxation authority and the same taxable entity which are expected to reverse in

a. the same period as the expected reversal of deductible Temporary Difference, or

b. In period into which a tax loss arising from a Deferred Tax Asset can be carried back or forwarded


Probability of availability of Taxable Profit — Para. 12.28 Conditions

2. It is probable that the entity will have sufficient taxable profit in the

a. same period as the reversal of deductible Temporary Difference, or

b. in the period into which a tax loss arising from Deferred Tax Asset can be carried back or

forwarded.

3. Tax planning opportunities are available to the entity that will create Taxable profit in appropriate periods.


Indicators on the availability of future Taxable Profit 1. Nature and timing of such profit

2. Contract or firm sales back up capable of generating sufficient taxable income to realize Deferred Tax Asset based on existing sale prices or cost structures.

3. Long term contract capable of generating sufficient future taxable income.

4. Acquisition/ purchase of another entity operating in a different industry generating huge profits.


Indicators on the availability of future Taxable Profit

5. Appreciation in the value of an asset over the tax basis and the tax planning strategy of the entity to sell the asset.

6. A strong earning history exclusive of the loss that created the future deductible amount.


Indicators on non availability of future profits

1. Operating losses for financial reporting and tax purposes during recent years.

2. A currently profitable entity acquiring a new entity which has incurred operating and tax losses since its inception.

3. History of operating loss or tax credit carry forward expiring unused.

4. The unsettled issues, if unfavourably resolved, would adversely affect profit level on a continuing basis.


Future reversal of existing taxable Temporary DifferenceConditions for recognition of Deferred Tax Asset

1. Taxable difference must relate to the same taxation authority and same taxable entity.

2. Taxable difference to crystallise either

a. the same period as deferred tax asset crystallises or

b. in a period into which any tax loss arising from reversal of Deferred Tax Asset can be carried forward or back.


Reversal pattern for existing Temporary DifferenceDetermination — two underlying concepts

1. Timing of the recovery of the related asset or settlement of related liability determine the year of taxability/ deductibility of Temporary Difference.

2. Tax laws determine the year in which reversal of Temporary Difference result in taxable and deductible amounts.


Measurement - Current Tax Asset and Liability

(a) Current tax prior periods.

i. Amount expected to be paid to (recovered from) the taxation authorities

ii. Using the tax rates (and tax laws) that have been enacted and substantively enacted by the balance sheet date.

iii. Liability in respect of retained earnings/ dividends to be measured with reference to the applicable tax laws applicable to undistributed profits and the liability to pay the dividend.


Measurement - Deferred Tax Asset and Liability - basis(a) i. At the tax rates that are expected to apply to the

period when the asset is realised or liability is settled.

ii. Based on the tax rate (and tax laws) that have been enacted or substantively enacted by the balance sheet date.

iii. Method of recovery/ settlement of assets and liabilities of the carrying amount i.e. recovery through use or recovery through sale. The measurement to reflect the tax consequences that would follow from the manner in which the entity expects to recover or settle the carrying amount of its assets and liabilities at the balance sheet date.


Measurement - Deferred Tax Asset and Liability - basis

iv. Average rates of tax to be applied when different rates apply to different levels of taxable income.

(b) Deferred Tax assets and liabilities not to be discounted.

(c) To review at each balance sheet date, the carrying amount of the deferred tax.


Recognition of Current and Deferred Tax

(a) Accounting of current and deferred tax effects of a transaction or other event in the income statement.

To be consistent with the accounting of the transaction or event

(b) Current and deferred tax to be recognised as income or an expense and included in profit or loss for the period;

Exception – The tax arises from

(a) a transaction recognised directly in equity or

(b) a business combination


Changes in the carrying amount of deferred tax asset or liability without any change in Temporary DifferenceReasons:

(a) Change in tax rate or laws

(b) Re assessment of the recoverability of a Deferred Tax Asset.

(c) A change in the expected manner of recovery of an asset or

(d) The expected manner of settlement of a liability


Specific Application

1. Business combination

2. Fair value adjustment

3. Additional assets or liabilities recognised on acquisition

4. Additional deferred tax balances recognised on acquisition

5. Tax assets not previously recognised by the acquiree

6. Tax assets not previously recognised by the acquirer

7. Post acquisition recognition of Deferred Tax Asset

8. Hedge of net investment in a foreign operation

9. Group relief

10. Eliminations of unrealised profits.



11. Financial instruments

i. Held for trading or a fair value

ii. Available for sale assets

iii. Compound financial instruments

12. Impact of IAS-39 hedging requirements on non-financial items

13. Investment in properties

i. Revaluation of properties

ii. Approved revaluation



iii. Downward revaluation and impairment losses

iv. Properties to be recovered through disposal

v. Transfers between categories of assets

vi. Foreign currency translation

vii. Consolidated financial statements

viii. Share based payment


Presentation and Disclosure

1. Tax expense or income related to profit or loss from ordinary activities to be presented in the statement of comprehensive income.

2. Entities presenting components of profit or loss in a separate statement to present tax expense for income also in that separate statement of profit or loss from ordinary activities.

3. Liabilities and assets for current tax to be presented in the statement of financial position.


Presentation and Disclosure

4. Deferred Tax Liabilities and Deferred Tax Asset to be presented in the statement of financial position.

5. Deferred Tax Asset and liabilities not to be classified as current assets (liability) when entity presents current and non-current assets, and current and non-current liabilities as separate classification.


Offset of Assets and Liabilities


1. Current Tax Assets and Liabilities – should offset if entity

a. Has legally enforceable right to set off the recognised amounts, and

b. Intend to settle on a net basis or realise the asset and settle the liability simultaneously.




2. Deferred Tax Assets and Liabilities – should offset if entity

a. Has legally enforceable right to set off Current Tax Asset against Current Tax Liability, and

b. Deferred Tax Asset and Deferred Tax Liability relate to income tax levied by the same taxation authority on

either

i. Same taxable entity, or




ii. Different taxable entities

1. intending to either settle Current Tax Liabilities or assets on a net basis, or

2. realise the assets and settle the liabilities simultaneously.

iii. Both conditions stated in (ii) above to apply in each future period in which significant amounts of

Deferred Tax Liabilities or Assets are expected to be settled or recovered.


DisclosureIn the Statement of comprehensive income

Major components of tax expense (income) to be disclosed

(a) Current Tax Expense (Income)

(b) Any adjustments recognised in the period for the Current Tax of prior periods

(c) Amount of Deferred Tax expense (income) relating to the origination and reversal of Temporary Differences.

(d) Amount of Deferred Tax Expense (income) relating to changes in tax rates or imposition of new taxes.




(e) Benefit arising from previously unrecognised tax loss/ tax credit of Temporary Difference of a prior period used to reduce Current Tax Expense.

(f) Benefit arising from previously unrecognised tax loss/ tax credit of Temporary Difference of a prior period used to reduce Deferred Tax Expense.

(g) Deferred Tax Expense arising from write down or reversal of a previous write down of a Deferred Tax Asset on a review in accordance with Paragraph 56.




(h) Tax expense/ income relating to changes in accounting policies and errors included in profit/ loss in accordance with IAS 18.

(i) Tax expense relating to

a. Gain or loss on discontinued operations and

b. Profit or loss from ordinary activities of the discontinued operations and the corresponding amount for each prior period presented.


Additional Disclosures – Paragraph 81

1. Reconciliation of tax expense or income with accounting profit in either of the following forms.

a. Numerical reconciliation between tax expense (income) and the product of accounting profit multiplied by the applicable tax rate. Basis of computation of applicable

tax rate to be disclosed.

b. Numerical reconciliation between average effective tax rate (the tax expense (income) divided by the accounting

profit) and the applicable tax rate. Basis of computation of applicable tax rate to be disclosed.



2. Explanation of the changes in the applicable tax rate compared to the previous accounting period.

3. Aggregate Current and Deferred Tax charged or credited to equity.

4. Amount (and expiry date, if any) of deductible Temporary Difference, unused tax losses, and unused tax credits for which no Deferred Tax Asset is recognised in the Balance Sheet.

5. Aggregate amount of Deferred Tax Liabilities not recognised in respect of Temporary Differences associated with investments in subsidiaries, branches and associates and interest in joint ventures.



6. In respect of each type of Temporary Difference, each type of unused tax losses and tax credits,

a. Deferred Tax Asset and liabilities recognised in the Balance Sheet for each period presented and

b. Deferred Tax Income or expense recognised in the income statement if not apparent from the changes in the amount recognised in the Balance Sheet.



7. To disclose the amount of Deferred Tax Asset and the nature of evidence supporting its recognition in the following situations.

a. Utilisation of Deferred Tax Asset is dependent on future taxable profit in excess of the profits from reversal of existing taxable Temporary Difference, and

b. Entity suffered loss in the current or preceding period.

c. Amount of income tax consequences of dividends to shareholders proposed but not recognised as a

liability.



d. Tax related contingent liabilities and contingent assets in accordance with IAS 37.

e. Significant impact on the entity’s current and Deferred Tax Asset and liabilities due to change in tax rate or tax

laws after the deporting period


Comparison between Indian GAAP and IFRS

S.No. Indian GAAP IAS-12 (IFRS)

1 Timing Difference andPermanent Difference;Timing Difference capable of reversalAll timing differences are temporary differences.

Temporary DifferenceMost Temporary Differences are created by timing differences.(a) Taxable Temporary Difference(b) Deductible Temporary DifferenceTemporary Difference also arise in circumstances which do not give rise to Timing Difference. Eg. Subsidiary, associates or joint ventures which have not distributed their profits to their parents.Assets are revalued and no equivalent adjustment made for tax purposes.Unrealised gains or loss arising in consolidated statement.



2 Timing Differences — examples Deferred tax recognised on Temporary Difference (liability method or Balance Sheet approach) than Timing Difference.

Temporary Differences are difference between tax base of an asset or liability and its carrying amount in the financial Balance Sheet.

Tax base of an asset or liability is the amount attributed to that asset or liability for tax purposes.

Provision for doubtful debts Same principle

Permanent diminution in value of investments or capital losses

Same principle

43B Same principle




Change in method of depreciation Same principle

Change in depreciation

Provisions under the Income Tax Act

VRS

Lease Income Depends on the relevant tax provisions

Impairment of assets Same principle




3 Recognition of deferred tax – accounting theory

(a) Deferral method or income statement approach – compares accounting profit/ loss and the tax computation statement

Only Liability method or Balance Sheet approach adopted.

(b) Liability Method or Balance Sheet approach. Timing Difference determined comparing the tax Balance Sheet with financial Balance Sheet.




4 AS22 is unique. It requires deferred tax to be recognised only for Timing Difference and not Temporary Difference. Eg. deferred tax not recognised for fixed asset revaluation adjustment or unrealised gains and losses in CFS or undistributed profits of subsidiaries.

All these items are treated as Temporary Difference and deferred tax recognised. deferred tax recognised for all temporary difference subject to the application of the principle of prudence and other specific exemptions.

5 AS22 follows both Balance Sheet approach and income approach/ deferral method.

Adopts only Balance Sheet approach.




6 Timing Difference determined using accounting Balance Sheet and tax Balance Sheet. From that perspective, AS 22 follows Balance Sheet approach. Examples:


Paragraph 21 - Deferred Tax measured using tax rates and tax laws enacted by the Balance Sheet date.

Paragraph 34: First time adoption of deferred tax to recognise accumulated deferred tax.

The following paragraph suggest income statement approach.




Paragraph 5: Taxable income is calculated in accordance with tax laws.


Paragraph 6: Difference between taxable income and accounting income

Paragraph 7: Timing Differences are differences between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

Paragraph 10: Taxes on income are considered to be an expense in earning income and are accrued in the same period as the revenue and expenses to which they relate.




Objective Paragraph: Also suggest income statement approach which says this divergence between taxable and accounting income arises due to two main reasons. That is, differences between items of revenue and the amount recognised in the statement of profit and loss and the corresponding amount in the computation of taxable income.


Concept of Prudence/ Virtual certainty. More or less in line with IAS 12. DTA on tax losses and unabsorbed depreciation requires application of virtual certainty principle.

DTA to be recognised based on convincing evidence

Deferred tax due to indexation. Deferred tax recognised only on Timing Difference and not Temporary Difference. Effect of indexation not taken into consideration.

Deferred tax recognised on Temporary Difference. Effect of indexation taken into consideration.




Meaning of the term substantive enactment – not clearly clarified and left to the judgement of the auditor.

Meaning of the term substantive enactment – not clearly clarified and left to the judgement of the auditor.

7 Presentation and Disclosure

Major components of deferred tax assets/ liabilities/ tax expense/ income not set out.

IAS 12 sets out major components of tax expense/ income including Deferred Tax Assets/ Liabilities.



ConclusionFuture Developments

1. IASB working on a project to reduce the difference between IFRS and US GAAP.

2. IAS 12 and the equivalent US standards SFAS 109 accounting for income taxes based on Balance Sheet liability approach.

3. Differences due to numerous exceptions to the basic principle in both standards.

4. Board approach to convergence/ conversion is not to consider the underlying approach, rather to eliminate exception to the basic principle.


ConclusionFuture Developments

5. Key tentative decisions of the FASB and IASB

Short term convergence proposal and decisions of the IASB and FASB issued in December 2008 covering the following areas.

i. Tax basis definition.

ii. Exceptions to providing deferred tax on certain temporary differences.

iii. Implications of tax law changes.

iv. Asset acquisitions with basis differences

v. Use of distributed versus undistributed tax rates.

6. The final standard expected in 2010.


profound

thanks for your valuable time and generous attention

Shanavas M

indian accounting standard [as] -22 tax on income

Education

component of tax

tax rate

tax laws

tax authorities

current tax recognition

profit based tax

current tax definition

taxable profit tax loss