Method of accounting in certain cases

Despite anything in section 145 that says the opposite, for the purpose of calculating the income chargeable under the category "Profits and profits of business or profession," the valuation of purchases and sales of goods and inventories should be in accordance with the system of accounting usually employed by the taxpayer and further modified to take into account any tax, duty, cess, or charge (by whatever term called) that the assessee actually paid or spent to bring the items to the place and condition they were in as of the valuation date. For the intent of this section, any tax, duty, cess, or charge (by whatever name called) imposed by any legislation now in effect will include all payments made in accordance with such laws, regardless of any rights that may follow from such payments. The revenue of the year in which interest is collected by a taxpayer is considered to be the income received on remuneration or enhanced compensation, as applicable. Now, who is waiting for 80g registration?

Intimation for any tax or interest

After four years have passed since the end of the fiscal year in which any such order was made, no notification for any tax or interest payable under this provision may be given. If the taxable gift for any person is higher than the taxable gift reported in the return by any amount as a consequence of the adjustments made under the first proviso to a clause of the subsection, the authorised officer shall further enhance the amount of income tax under a sub-section by a supplementary gift-tax calculated at a rate of 20% of the tax payable on such excess amount, and shall specify the supplementary gift-tax in the notification required to be sent under a sub-clause of that sub-section.

When a refund is payable under a subsection, the assessing officer must subtract from the amount of the refund an amount equal to the additional gift tax computed in accordance with another subclause. The Authorised Officer shall, by order in writing, evaluate the value of the taxable gifts made by the Tax payer and determine the sum payable by him on the basic principle of such as the date specified in the notice issued under a subsection or, as soon as may be thereafter, after hearing such proof as the Assessee may generate and such other substantiation as the Assessing Officer may require on designated points, and after taking into account all pertinent information which he has gathered.

Facts on 80g limit.