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of <h1>Finance Bill 2023 amends Income-tax Act, expands audit powers, updates appeals process in section 295. Effective April 1.</h1> Clause 122 of the Finance Bill, 2023, proposes amendments to section 295 of the Income-tax Act. In sub-section (2), clause (eec) will now include 'or inventory valuation' following the term 'audit.' Additionally, clause (mm) will replace 'the Commissioner (Appeals)' with 'the Joint Commissioner (Appeals) or the Commissioner (Appeals).' These changes grant expanded rule-making powers concerning audit and inventory valuation and adjust the appeals process authority. The amendments are set to take effect from April 1, 2023.
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