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of <h1>Income Tax Act Section 145A: Business income valuation must include all taxes and fees for accurate purchase, sale, and inventory.</h1> Section 145A of the Income-tax Act, effective from April 1, 1999, mandates that the valuation of purchases, sales, and inventory for calculating business income must follow the accounting method regularly used by the taxpayer. Additionally, it requires adjustments to include any taxes, duties, cesses, or fees paid or incurred to bring goods to their current location and condition. This includes all such payments irrespective of any rights that may arise due to these payments.
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