Method of accounting.

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..... employed by the person. (2) The Central Government may from time to time notify accounting standards to be followed by any class of persons or in respect of any class of income. (3) The valuation of purchase of goods and inventory for the purposes of determining the income chargeable under the head "Income from business" shall be— (a) in accordance with the method of accounting regularly employed .....

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..... loss account of, or is actually received by, the financial institution, whichever is earlier. (6) The interest received by a person on compensation or an enhanced compensation shall be included in the total income of the financial year in which it is received. (7) In this section,— (a) any tax, duty, cess or fee (by whatever name called) under any law for the time being in force, shall include all .....

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