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Change in the Definition of term accountant

Change in the Definition of term “accountant” – Section 288 (Finance Act,2015)

The amended definition specifically excludes the following persons, for the purposes other than for representing the assessee-

viii) Any person who, whether directly or indirectly, has BUSINESS RELATIONSHIP with the assessee of such nature as may be prescribed…

Now CBDT notifies nature of Business Relationship  which CA can have with  client.

 

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART-II, SECTION 3, SUB-SECTION (ii)]

GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF DIRECT TAXES)

NOTIFICATION

New Delhi, the 24th June, 2015

INCOME-TAX

S.O. 1683(E).— In exercise of the powers conferred by section 295 read with sub-clause (viii) of Explanation to sub-section (2) of section 288 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Incometax Rules, 1962, namely:-

1. (1) These rules may be called the Income-tax (Ninth Amendment) Rules, 2015.

(2) They shall come into force on the date of its publication in the Official Gazette.

2. In the Income-tax Rules, 1962, after rule 51, the following rule shall be inserted, namely:-

“51A. Nature of business relationship.— For the purposes of sub-clause (viii) of Explanation below sub-section (2) of section 288, the term “business relationship” shall be construed as any transaction entered into for a commercial purpose, other than, –

(i) commercial transactions which are in the nature of professional services permitted to be rendered by an auditor or audit firm under the Act and the Chartered Accountants Act, 1949 (38 of 1949) and the rules or the regulations made under those Acts;

(ii) commercial transactions which are in the ordinary course of business of the company at arm’s length price – like sale of products or services to the auditor, as customer, in the ordinary course of business, by companies engaged in the business of telecommunications, airlines, hospitals, hotels and such other similar businesses.”

[Notification No. 50/2015, F.No.142/9/2015-TPL]

Change in the Definition of term accountant

Change in the Definition of term accountant

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