Sec 145A
This query is : Resolved
Querist : Anonymous
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?
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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