Valuation of closing stock

This query is : Resolved

Namit (Querist)
Follow

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.

CA Yugal Purohit

CA Yugal Purohit (Expert)
Follow

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.

Rupesh Jain

Rupesh Jain (Expert)
Follow

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.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

divakar podaturu

Richa Bajoria

Shraddha Pangam

Shailesh Prajapati

Mukund Thakur

Subscribe Now

Valuation of closing stock

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Accountant

Manager- Finance and Compliance

GST CONSULTANT

CA Final

GST CONSULTANCY

Senior Executive