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of <h1>Income Tax Act Section 145A: Accounting Method Must Reflect Taxes and Duties for Business Income Valuation.</h1> Section 145A of the Income Tax Act outlines the method of accounting for determining income under 'Profits and Gains of Business or Profession.' It mandates that the valuation of purchase, sale, and inventory must align with the accounting method regularly used by the taxpayer, with adjustments for any taxes, duties, or fees incurred to bring goods to their current location and condition. Additionally, interest received on compensation or enhanced compensation is considered income in the year it is received.
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