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Guidance Note on Inventory Valuation under the Income Tax Act 1961

I am happy to present the first edition of Guidance Note on Inventory Valuation under the Income Tax Act, 1961 to the members on behalf of the Cost Accounting Standards Board of the Institute (CASB of ICMA). The publication has been a very comprehensive document with the relevant legal provisions, notifications, formats and standards. I am thankful to the President and the Council of the Institute for their constant support to the CASB and also to the Members of the CASB of ICMAI for their continued guidance and cooperation in achieving this feat.

This Guidance Note will assist the practicing members and other professionals to keep abreast with the requirements of preparing the Inventory Valuation Report under the Section 142(2A) of the Income Tax Act, 1961. The aim is to equip the members in a structured manner which will not only aid the report preparation but also guide the members on the methodology to be followed. The Guidance Note contains all latest provisions of the relevant sections of the Income Tax Act and the Income Computation and Disclosure Standards (ICDS).

I urge the members to share their constructive suggestions for further improvement in the text of the Guidance Note so that the same can suitably be incorporated in the future editions of the publication. Members are also urged to share with the CASB their queries while carrying out the Inventory Valuation assignments so that the same can be part of the FAQs to be compiled on the subject.

I am sure that the Guidance Note will help the members of the Institute in supplementing their efforts in the area of Inventory Valuation and they will be benefited in imparting their professional responsibilities successfully.

  1. Guidance Note

  2. Serial No. Title Download Counter Download
    1.

    Guidance Note on Inventory Valuation

    947

  3. Annexure to the Guidance Note

 

With best regards,

CMA Neeraj D Joshi
Council Member and Chairman, CASB
The Institute of Cost Accountants of India