TaxTMI 
TaxTMI 
Substitution of new sections 145A and 145B for section 145A-Method of accounting in certain cases-Taxability of certain income
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....ith effect from the 1st day of April, 2017, namely:- Method of accounting in certain cases. '145A. For the purpose of determining the income chargeable under the head "Profits and gains of business or profession",-- (i) the valuation of inventory shall be made at lower of actual cost or net realisable value computed in accordance with the income computation and disclosure standards notified ....
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.... lower of actual cost or net realisable value in accordance with the income computation and disclosure standards notified under sub-section (2) of section 145: Provided that the comparison of actual cost and net realisable value of securities shall be made category-wise. Explanation 1.-For the purposes of this section, any tax, duty, cess or fee (by whatever name called) under any law for the ....
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....eferred to in sub-clause (xviii) of clause (24) of section 2 shall be deemed to be the income of the previous year in which it is received, if not charged to income-tax in any earlier previous year.'. - Clause 45 of the Bill seeks to substitute new sections 145A and 145B for section 145A of the Income-tax Act relating to method of accounting in certain cases and taxability of certain income. T....
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.... but not quoted on a recognised stock exchange with regularity from time to time, shall be valued at actual cost initially recognised in accordance with the income computation and disclosure standards notified under sub-section (2) of section 145; (iv) inventory being securities other than those referred to in clause (iii), shall be valued at lower of actual cost or net realisable value in accord....