https://www.taxtmi.com/acts?id=10863 Income from business and other sources is computed using the taxpayer's regularly employed accounting system (cash or mercantile), subject to Central Government-notified accounting standards. Valuation of purchases, inventory and sales must follow the regular accounting method and be adjusted to include taxes, duties, cesses or fees paid or leviable. Interest on bad or doubtful debts of permitted financial institutions is included in the earlier of the year it is credited to profit and loss or actually received. Interest on compensation is includible in the year of receipt. Definitions of taxes and bad or doubtful debts are prescribed. en-us Thu, 20 Aug 2009 12:32:13 +0530 Thu, 20 Aug 2009 12:32:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=10863 Income from business and other sources is computed using the taxpayer's regularly employed accounting system (cash or mercantile), subject to Central Government-notified accounting standards. Valuation of purchases, inventory and sales must follow the regular accounting method and be adjusted to include taxes, duties, cesses or fees paid or leviable. Interest on bad or doubtful debts of permitted financial institutions is included in the earlier of the year it is credited to profit and loss or actually received. Interest on compensation is includible in the year of receipt. Definitions of taxes and bad or doubtful debts are prescribed. Act-Rules Bills Thu, 20 Aug 2009 12:32:13 +0530 https://www.taxtmi.com/acts?id=10863