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of <h1>New Guidelines Under Rule 14B: Audit and Valuation Expenses Capped at 7,500 Rupees Per Hour for Accountants</h1> Guidelines under Rule 14B of the Income Tax Rules, 1962, establish procedures for determining expenses related to audits or inventory valuations. Each Chief Commissioner must maintain a panel of accountants and cost accountants. When an Assessing Officer directs an audit or inventory valuation, expenses, including remuneration for accountants and assistants, must range between 3,750 and 7,500 rupees per hour. The specified period for completing the report must be documented in hours. Accountants must maintain a time-sheet and submit it with their bill, ensuring hours claimed align with the report's size and quality.
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