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Section 145A
what is section 145A
Replies (4)
Section 145A relates to Method of Accounting in certain cases.
But its also about addition of Tax in closing stock so i wanted to have a clear detail information of it.
1. Sec 145A deals with "Method of Accounting" in relation to inventory (majorly) and sale and purchase of goods and services and adjustments relating to any tax, duty, cess or fee (by whatever name called).
2. So, it deals with how various types of inventories are to be valued as per Income Computation and Disclosure Standards (ICDS).
Please correct me if the above solution has an alternative view.
I wanted to know that is closing stock should be value with its GST Tax means tax amout should be added in closing stock and gst chapter should also be connected with IT does this deal in this one or has any other meaning.
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