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of <h1>Income-Tax Act Updates: Revised Sections 145A & 145B Address Inventory Valuation and Taxability of Specific Income Categories</h1> Sections 145A and 145B of the Income-tax Act have been revised to address accounting methods and taxability of certain income. Section 145A outlines inventory valuation for business income, requiring inventory to be valued at the lower of actual cost or net realisable value, adjusted for taxes and duties. Securities are valued based on listing status and Reserve Bank guidelines. Section 145B establishes that interest on compensation, contract price escalation claims, and certain income are taxable in the year received or when realization is certain. Definitions for terms like 'public financial institution' and 'scheduled bank' are provided.
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