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Valuation of closing stock

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Querist : Anonymous

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Querist : Anonymous (Querist)
24 August 2014 Valuation of closing stock done
As per AS 2
As per income Tax section 145 A
why closing stock is valued as per above two method and what is impact of above valuation.
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Kalam

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Kalam (Expert)
24 August 2014 If taxes outstanding as on 31st March is paid before the due date of filing return - there would not be any impact on taxable profit calculated under AS-2 & Section 145A.
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