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Sec 145A

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Querist : Anonymous

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Querist : Anonymous (Querist)
05 January 2011 As per Sec 145A of IT Act,duties & taxes are to be included for valuation of inventory.However as per AS-2 closing stock must be valued net of recoverable taxes.Does it mean that the value of closing stock in financial statements and income tax returns shall be different?
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
14 January 2011 for accounting AS-2 need to follow and sec.145A only for the purpose of Income tax calculation at the time of taxation
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