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 >>

• Documents obtained post search & information obtained from public domain not incriminating material
• No second reopening for unexplained credits in bank due to bank’s name change
• FDCM invites application for empanelment of practising CAs/ Chartered Accountant Firms
• PGRI invites application for CAs for empanelment for Circulation Verification work
• CBDT notifies revised Form for registration as valuer & authorised income tax practitioner

tag

addition u/s 68 addition u/s 69A ca misconduct cash deposit in bank cbdt circular CBDT Instruction cbdt notification cbdt order cbdt press release cgst circular cgst notification cit revision 263 concealment penalty condonation of delay covid-19 custom circular demonetisation due date extension e-way bill faq GST circular GST Council Meeting gst faq gstn advisory GSTR-3B GST rates IBBI ibc icai announcement income tax penalty itat ITAT Delhi mca circular MCA notification penalty 271(1)(c) penalty u/s 271(1)(c) Press Release reasons recorded reopening 148 Reopening us 147 Search & Seizure sebi circular unexplained cash credits validity of notice u/s 148 Withdrawal of 2000 500 Bank Notes