Vide Notification number S.O. 529(E), dated the 5th February, 2018 it was specified that 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 to certain Government companies with effect from the 1st April, 2017. Now Government has vide this notification NO. S.O. 1965(E) dated 02.04.2018 removed the word seven years which effectively means that AS 22 or Ind AS 12 will never apply to certain government companies mentioned in Notification number S.O. 529(E), dated the 5th February, 2018.
Text of Notification is as follows:-
MINISTRY OF CORPORATE AFFAIRS
New Delhi, the 2nd April, 2018
S.O. 1965(E).—In exercise of the powers conferred by sub-section (6) of section 129 of the Companies Act, 2013 (18 of 2013), the Central Government, in the interest of public, hereby makes the following amendments in the notification of the Government of India, Ministry of Corporate Affairs, number S.O. 529(E), dated the 5th February, 2018, namely:‑
2. In the said notification, in the opening paragraph, the words “for seven years” shall be omitted.
[F. No. 17/32/2017-CL-V]
K.V.R. MURTY, Jt. Secy.
Note : The principal notification was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) vide notification number S.O. 529(E), dated the 561 February, 2018.