Section 52 - Amendment of section 145 - Finance (No. 2) Act, 2014

Amendment of section 145 52. 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 subsection (2) shall be substituted.