ITD Chandigarh invites empanelment of Cost Accountants u/s 142(2A) for FY 2024-2026

ITD Chandigarh invites empanelment of Cost Accountants u/s 142(2A) for FY 2024-2026. Last date to apply is 30/04/2024

The Income Tax Department (West Bengal & Sikkim), Patna has issued a notice inviting applications from Cost Accountants for empanelment u/s 142(2A) of the Income Tax Act, 1961 for the period beginning from 01/05/2024 to 31/03/2026.

The Finance Act, 2023, has amended the sub-section (2A) of section 142 of the Income Tax Act, 1961 (the Act) to provide that If, at any stage of the proceedings before him, the Assessing Officer, having regard to the nature and complexity of the accounts, volume of the accounts, doubts about the correctness of the accounts, multiplicity of transactions in the accounts or specialised nature of business activity of the assessee, and the interests of the revenue, is of the opinion that it is necessary so to do, he may, with the previous approval of the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner, direct the assessee to get the inventory valued by a cost accountant, nominated by the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner in this behalf and to furnish a report of such inventory valuation in the prescribed form duly signed and verified by such cost accountant and setting forth such particulars, as may be prescribed, and such other particulars as the Assessing Officer may require.

income tax empanelment

Minimum eligibility criteria for empanelment u/s 142(2A) are as under:

(1) The applicant should be a reputed Cost Accountant entity/firm/LLP in the profession of of Cost Accountancy and Cost Auditing having a staff / Article strength of at least 5 (including a minimum of two (02) Cost Accountants) working continuously for at least last one year (including partner/proprietor) as on 31.03.2024. Read Corrigendum >>

2. The applicant should be having at least one office located in the area(s) falling within territorial jurisdiction of Principal Chief Commissioner of Income Tax, NWR , Chandigarh.

3. The applicant should have Cost Accountancy/ Cost Auditing/ Internal Audit/Insolvency Professional experience of a minimum period of 5 years as on 31.03.2024.

4. The applicant should have audited Cost Records of at least one business entity having turnover of Rs. 50 Crores or more in at least 2 out of last 5 financial years (i.e. from F.Y.2018-19 to F. Y. 2022-23).

5. The applicant should have filed Returns of Income regularly up to A.Y. 2023-24 and the gross professional receipts of the applicant from professional services like Cost Consultancy/Cost Audit/Internal Audit! Accountancy exclusively declared therein should be at least Rs. 15 lakhs or more in at least 2 out of the last 5 years (i .e. from F.Y. 2018-19 to F.Y. 2022-23).

6. The applicant should not have been charged with having indulged in any professional misconduct and no complaint under section 21 of the Cost and Work Accountants Act, 1959 for any irregularity should have been filed against the applicant by the Income Tax Department.

7. No prosecution should have been pending/charged under Chapter XXIl of the Income-tax Act, 1961 or under any other Statute, against the firm or its partners or against the proprietary concern, as the case  may be.

8. The applicant should not be facing any investigation/ inquiry for tax evasion or for any other crime on the date of making the application.

Terms and Conditions:

1. The remuneration including expenses of and incidental to any inventory valuation shall be decided on a case-to-case basis in accordance with rule 14B of the IT .Rules, 1962, and shall be paid by the Department.

2. The empanelment of Cost Accountants shall be made at the discretion of the Income Tax Department, and the decision made shall be final. Apart from the above mentioned minimum eligibility criteria, the Department reserves the right to consider other relevant factors/inputs/feedback/etc. While finalizing the list of empanelment of Cost Accountants, no representation for review in this regard will be entertained.

3. The applicant with regard to the fulfilment of requirements of minimum eligibility criteria, shall furnish an affidavit on non-judicial stamp paper of minimum value duly notarized by the notary public along with the application.

Instructions for submission of Applicants:

1. Application should be submitted in the format given in the notice. Any application which is not in the format and without supporting documents will not be entertained.

2. The applicant fulfilling the above criteria may submit the application along with complete address, contact number and e-mail ID and other enclosures as mentioned to the office of :
The Assistant Commissioner of Income (Hq) (Judicial),
Aayakar Bhawan, Sector 17E, Chandigarh 160017
or on E-mail ID:

3. The last date for submission of application is 5 PM on 30/04/2024. The duly completed applications received between the dates of publication of this notice and the due date i.e. 5 PM on 30/04/2024 will only be considered.

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