CBDT introduced new Form 6D for Inventory Valuation Reporting u/s 142(2A)

The Income-tax (Twenty-Second Amendment) Rules, 2023 were notified by the Central Board of Direct Taxes (CBDT) on September 27, 2023.

The Income-tax (Twenty-Second Amendment) Rules, 2023 insert a new rule, rule 14A, in the Income-tax Rules, 1962. Rule 14A prescribes the forms in which the report of the audit of the accounts of an assessee and the report of the inventory valuation of an assessee are to be furnished under clause (i) of sub-section (2A) of section 142 of the Income-tax Act, 1961.

It also notified FORM NO. 6D for Inventory Valuation report under clause (ii) of section 142(2A) of the Income-tax Act, 1961. Form 6D is to be furnished by a cost accountant in the prescribed format to the Assessing Officer (AO) if the AO has directed the assessee to have their inventory valued by a cost accountant under clause (ii) of section 142(2A) of the Act.