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of <h1>Finance Bill 2009: Clause 56 Revises Income-tax Act Section 145A, Effective April 2010, Alters Goods Valuation Method.</h1> Clause 56 of the Finance (No. 2) Bill, 2009 proposes to replace section 145A of the Income-tax Act, effective April 1, 2010. The new section mandates that the valuation of goods and inventory for business income purposes should follow the accounting method regularly used by the assessee, adjusted to include any taxes or fees incurred to bring goods to their location and condition. Additionally, interest received on compensation or enhanced compensation will be considered income in the year it is received. This amendment applies from the assessment year 2010-2011 onwards.
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