https://www.taxtmi.com/article/detailed?id=11791 Section 142(2A) permits the Assessing Officer, with prior approval of a senior tax official, to direct audits by a nominated Chartered Accountant and/or an inventory valuation by a nominated Cost Accountant where complexity, volume, doubts about correctness, multiplicity of transactions or specialized activity warrant. The nominated professional must submit a signed, verified report in the prescribed form within a specified period (extendable subject to a prescribed maximum). Expenses and remuneration are to be determined by the senior official under prescribed guidelines and paid by the Central Government. A new Form 6C and rule amendments are proposed to operationalize inventory valuation, specifying detailed annexures and reconciliation requirements. en-us Tue, 29 Aug 2023 10:40:47 +0530 Tue, 29 Aug 2023 10:40:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=11791 Section 142(2A) permits the Assessing Officer, with prior approval of a senior tax official, to direct audits by a nominated Chartered Accountant and/or an inventory valuation by a nominated Cost Accountant where complexity, volume, doubts about correctness, multiplicity of transactions or specialized activity warrant. The nominated professional must submit a signed, verified report in the prescribed form within a specified period (extendable subject to a prescribed maximum). Expenses and remuneration are to be determined by the senior official under prescribed guidelines and paid by the Central Government. A new Form 6C and rule amendments are proposed to operationalize inventory valuation, specifying detailed annexures and reconciliation requirements. Articles Income Tax Tue, 29 Aug 2023 10:40:47 +0530 https://www.taxtmi.com/article/detailed?id=11791