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Valuation Under IT act

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Querist : Anonymous

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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.???
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Aditya Maheshwari

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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.

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