In Income Tax Act, stock is to be valued at cost price or market value whichever is less but in "Tally" stock is valued at average cost by default, so how can I value the closing stock in "Tally" as per the IT Act-1961.Please help me.
With Thanks & Regards Ashutosh Kumar Jha 9534140352
08 August 2013
First of all thanks for your reply sir.
Now, if market price get reduced below the cost then how can we valued the closing stock in tally and further after changing the valuation method into FIFO when I close the tally then on reopening the value get remain unchanged i.e. by default .
with Thanks & Regards Ashutosh Kumar Jha 9534140352
09 August 2013
Thank you Sir for your valuable reply.
Further if cost price is Rs. 100000/- and Market price is Rs. 95000/-, then in this case please show me the stock journal entry to be passed for this transaction..
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