CBDT Invites Comments on Draft Form No.6C for Inventory Valuation.
The Central Board of Direct Taxes (CBDT) has issued a notification inviting comments on the draft Form No.6C for implementing the amendment made by the Finance Act 2023 to subsection-2A of section 142 of the Income Tax Act, 1961 regarding inventory valuation.
The amendment to subsection-2A of section 142 requires taxpayers to maintain a record of the cost of their inventory in accordance with the prescribed method. The CBDT has issued the draft Form No.6C to facilitate taxpayers in complying with this requirement.
The CBDT has invited comments on the draft Form No.6C to ensure that it is clear and easy to use. Taxpayers should carefully review the draft form and submit their comments by September 15, 2023.
The copy of the notification is as under: