CBDT has included Cost Accountants to act as e-Return Intermediary

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CBDT signs two Unilateral Advance Pricing Agreements (APAs) with Indian taxpayers, strengthening the Government’s commitment to foster a non-adversarial tax regime

CBDT has included Cost Accountants to act as e-Return Intermediary

MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION

New Delhi, the 9th August, 2016

S.O. 2670(E) .—In exercise of the powers conferred by sub-section (IB) of section 139 of the Income- tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following amendment in the notification of the Government of India, Ministry of Finance (Department of Revenue), issued vide S.O. 1281(E) dated the 27th July, 2007, published in the Gazette of India, Extraordinary, Part n, Section 3, Sub-section (ii) dated the 27* July, 2007, namely: –

2. In the said notification, in para 5, in clause (1), for sub-clauses (c) and (d), the following sub-clauses shall be substituted, namely: –

“(c) a firm of Chartered Accountants or Company Secretaries or Cost Accountants or Advocates, if the firm has been allotted a permanent account number; or

(d) a Chartered Accountant or Company Secretary or Cost Accountant or Advocate or Tax Return Preparer, if he has been allotted a permanent account number; or”.

[Notification No. 66/2016/F. No. 133/89/2015-TPL]

Dr. T. S. MAPWAL, Under Secy.

Note: The principal notification was published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub-section (ii), vide number S.O. 1281(E) dated the 27th July, 2007 and was last amended vide notification number S.O. 2413(E) dated 22.09.2009.

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Notification

For more details please visit NSDL

1 COMMENT

  1. INSTITUTE OF COST & MANAGEMENT ACCOUNTANTS OF INDIA
    FULL ACCOUNTING BODY IN INDIA

    Expert Opinion

    World over functions of Accounting are classified depending on the area of operation, application and usage. They are as under:-

    Cost Accounts – Manufacturing/Processing Activity
    Financial Accounts -Trading Activity
    Management Accounts – Management level for taking Business Decisions

    Management Accounts is nothing but application of Ratio Analysis and Cash Flow Statement on Cost and Financial Accounts.

    By The Cost and Works Accountants (Amendment) Act, 2011, name has been changed to “The Institute of Cost Accountants of India” and the members got the power to work in the area of Management Accounts also and can re-designate themselves as ACMA/FCMA. Now, it is funny that both institutes passed by an Act of Parliament called by similar short name of “ICAI”. “ICMAI” should have been the correct name of old ICWAI. I do not know on whose mischief it’s so happened.

    In view of the above amendment, Cost Accountants now possess wide power of working in the area of Cost Accounts, Financial Accounts & Management Accounts. Whereas, Chartered Accountants are restricted to work in the area of Financial Accounts only (Ie, Accounting of Trading Activity Only). Hence, ICAI (Cost & Management) should be called as the only FULL ACCOUNTING BODY in INDIA.

    Why not included for TAX AUDIT ?

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