Direct Tax Code 2013 which is not yet passed and effective is making big news in CA circle.
The new act will allow CS and CWA also to conduct the tax audits.
As per the new Tax Code the definition of Accountant includes CS and CWA. As per the provisions Accountant can conduct the tax Audits.
really worst news very bad for CAs looking for practice..............can u post the link of official Direct Tax Code 2013
Link to download DTC 2013
https://incometaxindia.gov.in/Archive/BreakingNEws_DirectTaxesCode2013_31032014.pdf
Yes bad news and what are our leaders doing about this. The ICWAI silently and cunningly restricted cost audits to themselves in the new companies act. The ICSI also did the same in the new companies act. But our leaders have no time to protect the profession but spend more time posing for photographs and other nonsense.
Add to this they keep preaching that youngsters must come forward to practice so that the future of the profession is secure. The exclusive domain under Income tax act is diluted by one third already. Moreover, the government has reserved the powers to notify any other group as accountants under the code. To morrow the queue will be endless, Tax practitioners, lawyers??, MBA finance??, CFA??, ACCA?? etc etc.
If we dont act now, the code will be passed as it is and we will still be posing for photographs in the inuagural sessions of seminars and conferences on DTC 2013!!
I am amazed that after 5 months No CA or for that matter no member of caclub has reacted to this matter. I am sure this forum has so many of our leaders (RCM's and CCM's) in membership, their silence is inexplicable.
CAclubindia
