Inventory valuation by cost accountant enabled, allowing tax authorities to require certified valuation reports and prescribe payment arrangements.
The proposed amendment allows the Assessing Officer, with higher authority approval, to direct an assessee to obtain an inventory valuation by a cost accountant nominated by tax authorities where specified indicators (complexity, volume, doubts about correctness, multiplicity of transactions, specialised activity, or interests of revenue) exist; the cost accountant must furnish a prescribed report, the assessee is given opportunity of being heard, and remuneration/expenses are determined by designated commissioners and in many cases paid by the Central Government. (AI Summary)

Insolvency protection measures and moratoriums reshape creditor remedies, affecting restructuring, NPAs, and asset transfers under IBC.
Regulatory responses to the COVID 19 lockdown include tax and GST procedural relaxations, financial packages, RBI liquidity and rate measures, and lender moratoriums providing temporary relief; an increased default threshold reduces MSME exposure under the Insolvency and Bankruptcy Code. Structural weaknesses-large informal workforce, poor health infrastructure, low financial literacy, cash based transactions, and compliance reluctance-impair implementation. Opportunities include labour registration, social security reform, digitalisation, and import substitution, while threats comprise rising NPAs, opportunistic asset acquisitions under IBC, Force Majeure misuse, employer liabilities, and tightened bank credit. (AI Summary)

Presumptive taxation for professionals requires declaring income on a presumptive basis; audit obligations follow if lower claims.
Section 44ADA prescribes a presumptive scheme for specified professionals within the statutory receipt threshold, deeming a fixed portion of gross receipts to be taxable income while disallowing further deductions under sections 30-38. Depreciation is to be reflected in written down value as if claimed. Professionals who claim income below the presumptive amount and whose total income exceeds the basic exemption must maintain books under section 44AA and obtain a tax audit under section 44AB. The provision gives rise to ambiguity over the allowability of salary and interest to partners against the presumptive income. (AI Summary)