Question
Download Solution PDFA provision has been inserted to empower the Assessing Officer to require a ______ for inventory valuation before tax assessment in case of appeals as per Finance Bill 2023.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is cost audit.
Key Points
- A provision has been inserted to empower the Assessing Officer to require a cost audit for inventory valuation before tax assessment in case of appeals as per Finance Bill 2023.
- In order to ensure that the inventory is valued in accordance with various provisions of law, it is proposed to amend section 142 of the Act relating to Inquiry before assessment.
- To enable the Assessing Officer to direct the assessee to get the inventory valued by a cost accountant, nominated by the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner in this behalf.
- Finance Bill:
- The Finance Bill forms a part of the Union Budget, with details about all the legal amendments required for the changes in taxation proposed by the Finance Minister of the country.
Last updated on May 29, 2025
-> SSC JE Electrical 2025 Notification will be released on June 30 for the post of Junior Engineer Electrical/ Electrical & Mechanical.
-> Applicants can fill out the SSC JE application form 2025 for Electrical Engineering from June 30 to July 21.
-> SSC JE EE 2025 paper 1 exam will be conducted from October 27 to 31.
-> Candidates with a degree/diploma in engineering are eligible for this post.
-> The selection process includes Paper I and Paper II online exams, followed by document verification.
-> Prepare for the exam using SSC JE EE Previous Year Papers.