Valuation Under IT act
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 September 2010
as-2 suggest to follow stock valuation as per wtd average or fifo.
but under it act, which method should be followed.???
but under it act, which method should be followed.???
Aditya Maheshwari
(Expert)
30 September 2010
There is no such valuation method as prescribed in the accounting standards issued by Income Tax in NOTIFICATION NO. S.O.69(E), DATED 25-1-1996.
So u can use any of the two in IT also.
So u can use any of the two in IT also.
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