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of <h1>Inventory and securities valuation for computing business income: use lower of cost or net realizable value; include taxes paid</h1> For computing income from business or profession, inventory must be valued at the lower of actual cost or net realizable value in accordance with the income computation and disclosure standards; purchase, sale and inventory valuations must include any tax, duty, cess or fee actually paid to bring goods or services to their location and condition. Securities held as inventory that are unlisted (or listed but not regularly quoted) are initially valued at actual cost per the standards; other securities follow lower of cost or net realizable value, with category-wise comparison. Scheduled banks and public financial institutions must value securities per the standards while accounting for applicable central bank guidelines. 'Tax, duty, cess or fee' covers all such payments irrespective of any consequential rights; 'public financial institution' has the statutory definition.
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