Section 276 of the Income-tax Act, 2025 provides that income under which heads is computed by the assessee's regular method of accounting, subject to the notified income computation and disclosure…

Section 276(1) of the Income-tax Act, 2025 requires income under the heads ‘Profits and gains of business or profession’ and ‘Income from other sources’ to be computed by the cash or mercantile system regularly employed, subject to the standards notified under section 276(2). Capital gains and house property income are computed under their own rules, not by the method of accounting.