Clause 50 - Amendment of section 145 - Finance (No. 2) Bill, 2014

Amendment of section 145 50. In section 145 of the Income-tax Act, with effect from the 1st day of April, 2015, (i) in sub-section (2), for the words accounting standards , the words income computation and disclosure standards shall be substituted; (ii) in sub-section (3), for the words, brackets and figure or accounting standards as notified under sub-section (2), have not been regularly followed by the assessee , the words, brackets and figure has not been regularly followed by the assessee, or income has not been computed in accordance with the standards notified under sub-section (2) shall be substituted.