Valuation of closing stock
This query is : Resolved
26 June 2014
Which method are allowed for valuation of closing stock under the Income tax act,1961?
Kindly give reference of any act,circular or notification.
26 June 2014
For valuation of closing stock you have to follow AS-2.there is no provision in income tax regarding valuation of closing stock and as per AS-2 only FIFO and weighted average stock can be followed.
27 June 2014
you can take method as per AS-2. you can take one of method that suit to your business
average method
FIFO
LIFO
weighted average etc.
average method
FIFO
LIFO
weighted average etc.
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