Question

....... accounting standard
prescribes the accounting treatment for taxes
on income​

Answer 1

Answer:

Accounting Standard 22 has been prescribed by ICAI to be applied in accounting for taxes on income. This AS is applied to match the differences between accounting income and taxable income.

1. Accounting income is the net profit before tax for a period, as reported in the profit and loss statement.

2. Taxable income is the income on which income tax is payable, computed by applying provisions of the Income Tax Act, 1961 & Rules.

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