TMI BlogSubstitution of new sections 145A and 145B for section 145A-Method of accounting in certain cases-Taxability of certain incomeX X X X Extracts X X X X X X X X Extracts X X X X ..... dance 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 shall be adjusted to include the amount of any tax, duty, cess or fee (by whatever name called) actually paid or incurred by the assessee to bring the goods or services to the place of its location and condition as on 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ax 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. 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 shall be adjusted to include the amount of any tax, duty ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... year in which it is received. It is further proposed to provide that the claim for escalation of price in a contract or export incentives shall be deemed to be the income of the previous year in which reasonable certainty of its realisation is achieved. It is also proposed to provide that income referred 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 for any earlier previous year. These amendments will take effect retrospectively from 1st April, 2017 and will, accordingly, apply in relation to the assessment year 2017-2018 and subsequent years. - statute, statutory provisions legislation, law, enactment, Acts, Rules, Reg ..... X X X X Extracts X X X X X X X X Extracts X X X X
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