Only CAs competent for role of accountant u/s 288 of Income Tax  Act efficiently & effectively – ICAI President

Only chartered accountants possess the requisite professional competence to perform the role of accountant u/s 288 of the Income Tax  Act efficiently and effectively.

The President of Indian Institute of Chartered Accountants of India (ICAI) has stated that ICAI has taken note of the representation made by the Institute of Cost Accountants of India and the Institute of Company Secretaries of India to the Government requesting amendment in the definition of term ‘Accountant’ in the Explanation to Section 288(2) of the Income-tax Act, 1961.

The President ICAI, in his latest message has informed that  ICAI too have submitted a detailed cross representation in respect of the representations of ICSI and ICMAI to the Union Finance Minister.

“We have mentioned that the role of an “accountant” as defined under section 288 should continue to be restricted exclusively to chartered accountants in practice, who alone possess the requisite professional competence to perform the said role efficiently and effectively.” Said the President ICAI.

The President ICAI has also shared that Council Member CA. N. C. Hegde has been invited to be part of that CBDT Committee Set up to evaluate the Data Structure and Modalities of Upload of Data for proposed faceless E-Assessments.

Read Complete message of ICAI Present Here >>

• After notice u/s 143(2) is issued, processing u/s 143(1) is not permissible
• Assessment Order without digital or manual signature is non-est and illegal
• Once ITR is filled in response to notice u/s 148 though late, notice u/s 143(2) is must – ITAT
• Petitioner was not disqualified in tender for giving EMD by way of FD not DD
• State Bank of India elects four Directors in its Central Board

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