Section 145a
Notwithstanding anything to the contrary contained in section 145.
Section 145a. Contrary contained in section 145 the valuation of purchase and sale of goods and inventory for the purposes of determining the income chargeable under the head profits and gains of business or profession shall be. 99 514 to which such amendment relates see section 1019 a of pub. The valuation of inventory shall be done at lower of actual cost or a net realizable value computed in accordance with the income computation and disclosure standard notified under subsection 2 of section 145.
Raw material stock valuation should be inclusive of any tax duty cess or fee actually paid by assessee to bring the goods to the place of its location and condition as on date of valuation even if such tax or duty is refundable. As per the amended section 145a effective from 1 4 1999 of income tax act. Section 145a determines that income chargeable under the head profits gains from business profession.
Amendment by section 1013 a 6 8 of pub. The bare section from the act section 145 145a. Community health service area means a city county or multicounty area that is organized as a community health board and for which a local public health grant is received under sections 145a 11 to 145a 131.
100 647 set out as a note under section 1 of this title. 1 income chargeable under the head profits and gains of business or profession or income from other sources shall subject to sub section 2 is computed in accordance with either cash or mercantile system of accounting regularly employed by the assessee. Ao rejected this and held that element of excise duty cenvat etc would represent part of closing stock of assessee in terms of section 145a.
The board of health of a city or town shall upon application furnish free of charge to any uninsured resident thereof who has been exposed to rabies or may have been so exposed anti rabic vaccine and anti rabic treatment in accordance with rules and regulations which the department of public health is hereby authorized to make.