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The Institute of Cost Accountants of India (ICMAI) has taken a significant step in enhancing professional guidance for Practising Cost Accountants (PCMAs) by releasing an Exposure Draft of the Guidance Note on Inventory Valuation under the Income Tax Act. This move is in response to the amendments made to Section 142(2A) of the Income Tax Act, effective from 1st April 2023. The Cost Accounting Standards Board (CASB) of ICMAI, as the standard-setting body, has played a pivotal role in developing this much-needed guidance.

Release of Exposure Draft

Guidance Note on Inventory Valuation under the Income Tax Act

Dear Professional Colleagues,

Greetings from the CASB of ICMAI;

Practising Cost Accountants have been assigned the task of Inventory Valuation in terms of the amendments incorporated into the Section 142 (2A) of the Income Tax Act effective from 1st April 2023. Considering the need of a structured guidance in the matter specifically for the PCMAs, the ICMAI entrusted the task of developing the Guidance Note on Inventory Valuation under the Income Tax Act, to the Cost Accounting Standards Board (CASB) of the ICMAI. The Guidance Note is expected to be of immense help to the members who intend to empanel themselves for taking up the assignments of Inventory Valuation.

CASB, the standard-setting body of the ICMAI, in its 102nd meeting held on 1st March 2024 has approved the release of Exposure Draft of the Guidance Note on Inventory Valuation under the Income Tax Act seeking public comments / suggestions in the following format to be submitted at casb@icmai.in within 18th March 2024. The Guidance Note shall be finalised by the Board in the light of the suggestions / comments received within the prescribed last date.

Sl. Chapter No. Clause Reference / Page no. Suggestion Justification

To download the Exposure Draft of the Guidance Note on Inventory Valuation under the Income Tax Act, please click here

With best regards,

CMA Neeraj D Joshi
Chairman, CASB of ICMAI
4th March 2024

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