Hello, everyone! I have come across many web portals which claim that LIFO reduces your tax burden... How does this mechanism work? And is LIFO allowed by AS in India, because IFRS doesn't allow it?
2 Replies
CA Mitesh N Kothari
(9821662799)
(391 Points)
Replied 05 October 2013
as per as-2 only FIFO or weighted avg is allowed.
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