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of <h1>Section 145A mandates specific accounting methods for business income including inventory valuation at lower cost or net realizable value</h1> Section 145A of the Income Tax Act, 1961 prescribes mandatory accounting methods for determining business income. Inventory must be valued at lower of actual cost or net realizable value per income computation standards. Purchase, sale and inventory valuations must include all taxes, duties, and fees incurred. Securities not regularly traded on recognized stock exchanges are valued at actual cost, while other securities use lower of cost or net realizable value. Special provisions apply to scheduled banks and public financial institutions following Reserve Bank guidelines. Category-wise comparison is required for securities valuation.
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