Lifo fifo

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Querist : Anonymous

Querist : Anonymous (Querist)

22 July 2014 WHETHER BOTH LIFO & FIFO ARE ACCEPTED IN INDIA ACCOUNTING SYSTEM ?

CS,CA F,Numrologi TusharSampat (Expert)
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22 July 2014 lifo is banned by international cost accounting institutes like cima.

Querist : Anonymous

Querist : Anonymous (Querist)

23 July 2014 IT MEANS WE CANNOT APPLY LIFO IN OUR ACCOUNTING METHODS

CS,CA F,Numrologi TusharSampat (Expert)
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23 July 2014 no practically u should never apply.

Nikhil Kaushik (Expert)
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26 July 2014 it is not banned in India for accounting purposes. so you can use it. however, for tax, FIFO shall apply

Querist : Anonymous

Querist : Anonymous (Querist)

26 July 2014 IF WE APPLY LIFO FOR LESSER TAX LIABLITY ,
CAN IT BE CHALLENGE ANYWHERE ?

Nikhil Kaushik (Expert)
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26 July 2014 Already said that for tax fifo will apply.

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