HARISH BHATIA
05 September 2024 at 16:24

Tax Audits - DTC

Can CS and CMA Perform Tax Audits? Understanding the Implications of the New DTC Bill

With the anticipated introduction of the new Direct Tax Code (DTC), there's been a growing discussion around the potential inclusion of Company Secretaries (CS) and Cost and Management Accountants (CMA) as authorized professionals for conducting tax audits. Currently, Chartered Accountants (CA) are the only professionals permitted to perform this function under the Income Tax Act. However, if the new bill includes these changes, it could significantly alter the landscape of tax audits in India.

Key Points:
Proposed Changes Under the New DTC:
The DTC bill may extend tax audit powers to CS and CMA, broadening the scope for professionals beyond Chartered Accountants.
Impact on CAs:
The inclusion of CS and CMA could be viewed as a potential dilution of the exclusive rights currently enjoyed by CAs. It is expected that certain sections of the CA community may oppose this move, citing concerns over quality control and the level of expertise required for tax audits.
Industry Reactions:
There are mixed opinions within the professional ecosystem. Proponents argue that both CS and CMA professionals possess the necessary qualifications and knowledge to handle tax audits effectively. Others, particularly from the CA fraternity, may contest this, emphasizing the need for specialized accounting expertise.
Likelihood of Approval:
The passage of the DTC with these provisions is uncertain. While the government may push for broader professional inclusion to meet the growing demand for tax audit services, opposition from the CA community and debates on maintaining audit standards could slow down or alter the approval process.

Final Thoughts:
What do you think? Will these changes benefit the profession and the economy, or should tax audits remain the domain of Chartered Accountants only?


ABHI KUMAR
05 September 2024 at 15:52

Regarding Courier Service

PURCHASE PRINTED STICKER FOR COURIER SERVICE BUSINESS
UNDER HEAD NAME
DIRECT EXPENSES OR INDIRECT EXPENSES


ALSO FORWARDING / TRANSPORTATION CHARGES
UNDER HEAD NAME
DIRECT EXPENSES OR INDIRECT EXPENSES


THANKS IN ADVANCE


THANKS IN ADVANCE


Chahat Khanna
05 September 2024 at 15:33

Refund of GST and Export incentives

Resolved and deleted.


abhijit majumder
05 September 2024 at 12:57

Demand by suppliers of bank statement

Sir
Raw material Suppliers of our Company frequently claims bank statement from us so that they will confirm of their amount received from our end. Even though we tell them to check their account(given by them) on a particular date , instead of checking their account they still requesting the statement.
Does we legally liable to entertain such request, as it is a time taking process to entertain a large number of suppliers.
Abhijit


Suresh S. Tejwani
05 September 2024 at 12:22

Income relatedS

If an Indian company sends its employees abroad, employees HAVE TO STAY WHOLE YEAR OUT OF INDIA, THEN IS that income SHOULD BE considered AS Indian income or foreign income FOR THAT EMPLOYEES ?


TDS HAS BEEN DUDECTED UNDER TDS SECTION 192 BY THAT COMPANY.


Mahesh S M
05 September 2024 at 07:59

Criteria for joining IFRS course

Can I join IFRS course with online B.com degree and 2 years of experience in CA firm as an accountant? Is it worth doing?


Kunjan
05 September 2024 at 01:34

Tds on capitalised expenses

If contract expenses are capitalised by deductor /payer ( ie.not debited to prof loss of deductor,) does deductor have to deduct 194c?

My view yes because it's it's still income of deductee/payee.

Also 194c plainly says deduct .


mohamed ali & co
04 September 2024 at 20:21

Donation from one trust to another trust

A trust wants to make a donation to another trust,; both trusts having registration under section 12aa. What is the procedure to be followed. Can the experts throw some light on this issue please


MAKARAND DAMLE
04 September 2024 at 17:26

GST Liability on Rent

Assessee has 2 properties
1) He has given one residential property on rent for Rs.18,00,000/- p a and both landlord and tenant are not registered under GST
2) He has given second residential property on rent for Rs.12.00.000/- p a to a Hospital. However the premises will be used for residence of Hospital Staff and not for any commercial purpose. Rent agreement will specifically mention this use.

My questions are
1) The first rent is not subject to GST since both landlord and tenant are not registered. Am i correct ?
2) In second the tenant is registered under GST and whether GST will be payable under RCM by the tenant?
3) The total rent from above two properties would be Rs,30,00,000/-. Whether tenant is supposed to get registered under GST since it exceeds Rs.20,00,000/- and if yes what will be gst liability in both cases ?


Tejal Kulkarni
04 September 2024 at 15:39

Industrial Training 18 months related Query

Hello,

My Articleship started on 1st July 2023 in old scheme. I wanted to join industrial training (IT) that will be after completion of 18 months of articleship i.e. after December 2024. During this 18 months I have taken 2 months of exam leaves (60 days). No other leaves taken than above.

Then my query is when I will be eligible for IT....after December 2024 or considering the 60 days leaves i.e., after February 2025.

Thanks for your response !





CCI Pro
Follow us


Answer Query