Difference between AS 12 & AS 22 :- 1.- Ind AS 12 is based on balance sheet approach whereas the existing - AS 22 is based on income statement approach. 1.◦Ind AS 12 requires recognition of tax consequences of differences between the carrying amounts of assets and liabilities and their tax base. ◦However, AS 22 requires recognition of tax consequences of differences between taxable income and accounting income. For this purpose differences between taxable income and accounting income are classified into permanent and timing differences. 2.◦As per Ind AS 12, current and deferred tax are recognized as income or an expense and included in profit or loss for the period, except to the extent that the tax arises from a transaction or event which is recognized outside profit or loss, either in other comprehensive income or directly in equity, in those cases tax is also recognized in other comprehensive income or in equity, as appropriate. ◾Existing AS 22 does not specifically deal with this aspect. 3.◦Existing AS 22 deals with disclosure of deferred tax assets and liabilities in the balance sheet. ◦Ind AS 12 does not deal with this aspect except that it requires that income tax relating to each component of other comprehensive income shall be disclosed as current or non-current asset/liability in accordance with the requirements of Ind AS 1.

Hie Rohit, **Difference between AS 12 & AS 22 :-** 1.- Ind AS 12 is based on balance sheet approach whereas the existing - AS 22 is based on income statement approach. 2. - Ind AS 12 requires recognition of tax consequences of differences between the carrying amounts of assets and liabilities and their tax base. - However, AS 22 requires recognition of tax consequences of differences between taxable income and accounting income. For this purpose differences between taxable income and accounting income are classified into permanent and timing differences. 3. - As per Ind AS 12, current and deferred tax are recognized as income or an expense and included in profit or loss for the period, except to the extent that the tax arises from a transaction or event which is recognized outside profit or loss, either in other comprehensive income or directly in equity, in those cases tax is also recognized in other comprehensive income or in equity, as appropriate. - Existing AS 22 does not specifically deal with this aspect. 4. - Existing AS 22 deals with disclosure of deferred tax assets and liabilities in the balance sheet. - Ind AS 12 does not deal with this aspect except that it requires that income tax relating to each component of other comprehensive income shall be disclosed as current or non-current asset/liability in accordance with the requirements of Ind AS 1. 5. - Disclosure requirements given in the Ind AS 12 are more detailed as compared to existing AS 22.