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of <h1>Finance Bill 2023 amends Section 142: Assessing Officers can mandate audits and valuations for complex accounts.</h1> Clause 68 of the Finance Bill, 2023 amends section 142 of the Income-tax Act. The amendment allows the Assessing Officer, with prior approval, to direct an assessee to have their accounts audited and inventory valued by nominated accountants or cost accountants, respectively. This is applicable when there are complexities or doubts in accounts, or due to the specialized nature of the business. The amendment also defines 'cost accountant' as per the Cost and Works Accountants Act, 1959. These changes are effective from April 1, 2023, for the assessment year 2023-2024 and onwards.
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