This discussion examines whether a Company Secretary (CS) or Chartered Accountant (CA) surrendering their Certificate of Practice (COP) is considered a discontinuation of profession under Section 176(3) of the Income Tax Act, 1961. It also clarifies whether this surrender necessitates notification to the Assessing Officer as stipulated by the same section.
09 March 2020
If a CS/CA in Practice surrenders his COP then will it amount to discontinuation of profession under section 176(3) of Income Tax Act,1961 ? Whether this surrender of COP is required to be intimated to the Assessing officer as mentioned in that section?