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of <h1>Clause 277: New Rules for Accounting Income and Valuation in Business Profits Under Income Tax Bill 2025</h1> Clause 277 of the Income Tax Bill, 2025, outlines the method of accounting for determining income under 'Profits and gains of business or profession.' Inventory valuation is to be at the lower of actual cost or net realizable value, adjusted for taxes and fees. Securities not regularly quoted on a recognized stock exchange are valued at actual cost, while others follow the lower cost or net realizable value principle. Scheduled banks or public financial institutions must adhere to Reserve Bank of India guidelines for securities valuation. The term 'public financial institution' aligns with its definition in the Companies Act, 2013.
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