https://www.taxtmi.com/acts?id=11758 The provision mandates that income from business and residuary sources be computed using the taxpayer's regularly employed cash or mercantile accounting method, subject to notified accounting standards. Purchase and inventory valuation and sale values must follow that method and be adjusted to include any tax, duty, cess or fee actually paid or leviable. Interest on bad or doubtful debts of financial institutions is recognised when credited to profit and loss or received, whichever is earlier; interest on compensation is recognised when received. Definitions address inclusion of payments and prescribed criteria for bad or doubtful debts. en-us Fri, 17 Sep 2010 10:11:36 +0530 Fri, 17 Sep 2010 13:41:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=11758 The provision mandates that income from business and residuary sources be computed using the taxpayer's regularly employed cash or mercantile accounting method, subject to notified accounting standards. Purchase and inventory valuation and sale values must follow that method and be adjusted to include any tax, duty, cess or fee actually paid or leviable. Interest on bad or doubtful debts of financial institutions is recognised when credited to profit and loss or received, whichever is earlier; interest on compensation is recognised when received. Definitions address inclusion of payments and prescribed criteria for bad or doubtful debts. Act-Rules Bills Fri, 17 Sep 2010 10:11:36 +0530 https://www.taxtmi.com/acts?id=11758