Journal of Finance and Marketing

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Journal of Finance and Marketing 44 7897 074717

Tax Accounting

Tax accounting is an arrangement of accounting methods intensive on taxes rather than the arrival of public monetary statements. Tax accounting is ruled by the Internal Income Code, which dictates the exact rules that companies and individuals must follow when making their due returns. Tax accounting is the way to account for assessment purpose. Tax accounting means to enable the tracking of funds (inflow and outflow) connected with individuals and entities. Tax accounting standards apply to only the calculation of the income and not for keep of the books of accounts. In case of any struggle, the income tax law will incredulous over the ICDS. These do not provide any explanations or pictures like AS. These only lay down the values to be accepted for computing Income. Income or expenditures which do not have an ICDS to refer to will continued to be governed by existing AS. While calculating income as per ICDS, it must be noted that it will not have any impact on the minimum alternative tax (MAT) for corporate assesses. It is because these will be based on the book incomes to be resolute as per the current applicable AS.

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