Method of accounting

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....d by the person. (2) The Central Government may notify in the Official Gazette from time to time accounting standards to be followed by any class of person or in respect of any class of income. (3) The valuation of purchase and inventory for the purposes of determining the income chargeable under the head "Income from business" shall,  regardless of anything to the contrary contained in....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....r fee (by whatever name called) leviable on the sale of the goods. (5) The interest on bad or doubtful debts of any permitted financial institution shall, regardless of anything to the contrary contained in the foregoing provisions, be included in the total income for the earlier of,-     (a) the financial year in which the interest is credited to the profit and loss account o....