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of <h1>Taxpayers must follow consistent cash or mercantile accounting methods when computing business income under Section 145</h1> Section 145 of the Income Tax Act governs accounting methods for computing business profits and other income. Assessees must use either cash or mercantile accounting systems regularly employed by them. The Central Government may notify income computation and disclosure standards for specific classes of assessees or income types. When the Assessing Officer finds accounts incorrect, incomplete, or accounting methods not regularly followed, or prescribed standards not complied with, assessment may be made under section 144 procedures.
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