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Substitution of new sections 145A and 145B for section 145A-Method of accounting in certain cases-Taxability of certain income

Clause 45 - Bills - DIRECT TAXES - Income-tax - FINANCE BILL, 2018 - Clause 45 - 45. Substitution of new sections 145A and 145B for section 145A. For section 145A of the Income-tax Act, the following sections shall be substituted and shall be deemed to have been substituted with 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 val .....

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the date of valuation; (iii) the inventory being securities not listed on a recognised stock exchange, or listed 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) the inventory being securities other than those referred to in clause (iii), shall be valued at lower of actual cost or net realisable .....

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purposes of this section, recognised stock exchange shall have the meaning assigned to it in clause (ii) of Explanation 1 to clause (5) of section 43. Taxability of certain income. 145B. (1) Notwithstanding anything to the contrary contained in section 145, the interest received by an assessee on any compensation or on enhanced compensation, as the case may be, shall be deemed to be the income of the previous year in which it is received. (2) Any claim for escalation of price in a contract or ex .....

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cases and taxability of certain income. The proposed new section 145A provides that 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 in accordance with the income computation and disclosure standards notified under sub-section (2) of section 145; (ii) the valuation of purchase and sale of goods or services and of inventory shal .....

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