Non Applicability of Accounting Standard 22 or Indian Accounting Standard 12

Apr 03, 2018 | by Avantis RegTech Legal Research Team

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The Central Government, vide S.O. 529(E), had directed that the provisions of Accounting Standard 22 or Indian Accounting Standard 12 relating to deferred tax asset or deferred tax liability shall not apply, for seven years with effect from April 1, 2017, to a Government company which:

(a)    is a public financial institution under sub-clause (iv) of clause (72) of Section 2 of the Companies Act, 2013;

(b)    is a Non-Banking Financial Company registered with the Reserve Bank of India under section 45-IA of the Reserve bank of India Act, 1934; and

(c)     is engaged in the business of infrastructure finance leasing with not less than seventy five per cent. of its total revenue being generated from such business with Government companies or other entities owned or controlled by Government .

Now, the Central Government has omitted the words “for seven years” in the opening paragraph.

[S.O. 1465(E)]



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