As part of the Finance Act 2023, changes were made to Section 142(2A) of the Income Tax Act. This allows the Assessing Officer to instruct the taxpayer to have their inventory valued by a Cost Accountant, selected by higher-level authorities.

Moreover, certain transactions, such as fuel purchases, gift card purchases on Flipkart and Myntra, and EMI transactions, will no longer qualify for cashback or incentive points.

Moreover, certain transactions, such as fuel purchases, gift card purchases on Flipkart and Myntra, and EMI transactions, will no longer qualify for cashback or incentive points.

Following tax-related compliances is mandatory for taxpayers in India. This includes meeting the due dates for GST return filing as per the government's compliance calendar. Non-compliance may result in heavy penalties imposed by the government.