Substitution of new sections 145A and 145B for section 145A-Method of accounting in certain cases-Taxability of certain income

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..... with effect from the 1st day of April, 2017, namely:- Method of accounting in certain cases. '145A. For the purpose of determining the income chargeable under the head "Profits and gains of business or profession",-- (i) the valuation of inventory shall be made at lower of actual cost or net realisable value computed in accordance with the income computation and disclosure standards notified .....

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..... t lower of actual cost or net realisable value in accordance with the income computation and disclosure standards notified under sub-section (2) of section 145: Provided that the comparison of actual cost and net realisable value of securities shall be made category-wise. Explanation 1.-For the purposes of this section, any tax, duty, cess or fee (by whatever name called) under any law for the .....

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..... referred to in sub-clause (xviii) of clause (24) of section 2 shall be deemed to be the income of the previous year in which it is received, if not charged to income-tax in any earlier previous year.'. - Clause 45 of the Bill seeks to substitute new sections 145A and 145B for section 145A of the Income-tax Act relating to method of accounting in certain cases and taxability of certain income. .....

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..... d but not quoted on a recognised stock exchange with regularity from time to time, shall be valued at actual cost initially recognised in accordance with the income computation and disclosure standards notified under sub-section (2) of section 145; (iv) inventory being securities other than those referred to in clause (iii), shall be valued at lower of actual cost or net realisable value in accor .....

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..... which it is received. It is further proposed to provide that the claim for escalation of price in a contract or export incentives shall be deemed to be the income of the previous year in which reasonable certainty of its realisation is achieved. It is also proposed to provide that income referred to in sub-clause (xviii) of clause (24) of section 2 shall be deemed to be the income of the previous .....

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