On 31 March 2015, the Indian Central Board of Direct Taxes issued Notification S.O. 892 (E), which includes income computation and disclosures standards applicable for the computation of taxable income from the profit and gains of a business or profession and income from other sources. The notification specifically states that standards are not for the maintenance of books of accounts.
The notification covers 10 main areas, including:
- Significant accounting policies;
- The valuation of inven…