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of <h1>Income Calculation: Choose Cash or Mercantile Method, Follow Set Standards for Goods Valuation, Include Taxes and Interest.</h1> Income from business or residuary sources must be computed using either the cash or mercantile accounting system regularly employed by the taxpayer. The Central Government may establish accounting standards for specific classes of persons or income. The valuation of goods and inventory for income determination must align with the taxpayer's accounting method and include taxes, duties, or fees incurred. Similarly, the sale of goods must consider taxes or fees levied. Interest on bad or doubtful debts is included in income when credited or received, and interest on compensation is included in the year received. Definitions for taxes and bad debts are specified.
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