The Income-tax (Twenty-Second Amendment) Rules, 2023 were notified by the Central Board of Direct Taxes (CBDT) on September 27, 2023.
The Income-tax (Twenty-Second Amendment) Rules, 2023 insert a new rule, rule 14A, in the Income-tax Rules, 1962. Rule 14A prescribes the forms in which the report of the audit of the accounts of an assessee and the report of the inventory valuation of an assessee are to be furnished under clause (i) of sub-section (2A) of section 142 of the Income-tax Act, 1961.
It also notified FORM NO. 6D for Inventory Valuation report under clause (ii) of section 142(2A) of the Income-tax Act, 1961. Form 6D is to be furnished by a cost accountant in the prescribed format to the Assessing Officer (AO) if the AO has directed the assessee to have their inventory valued by a cost accountant under clause (ii) of section 142(2A) of the Act.
The inventory valuation report should contain the following information:
- The name and address of the assessee.
- The period for which the inventory is valued.
- The basis of valuation of the inventory.
- The value of the inventory at the beginning and end of the period.
- Any other information that the cost accountant considers relevant.
The inventory valuation report must be furnished to the AO within the time specified by the AO.
To view/download the full notification, click here
CAclubindia
