Question

As per ICDS-II notified under the Income Tax Act, 1961, how should inventories be valued for tax computation purposes?

A At Net Realisable Value (NRV) only
B At cost only, irrespective of realisable value
C At cost or NRV, whichever is lower
D At fair market value as determined by an independent valuer
Practice Next

Hey! Ask a query

🎓
Think You're Ready for RBI Grade B?
RBI Grade B 2026 Phase 1 Memory Based Paper
  • 200 Questions with Detailed Solutions
  • Section-wise Coverage (GA, English, Quant & Reasoning)