Tax deduction for Y2K compliance requires certified accountant reporting and detailed annexure of expenditures. Form No. 3BA requires an examining accountant to certify that accounts and records were examined, necessary information obtained, and that the deduction claimed under clause (xi) of section 36(1) for making non Y2K computer systems Y2K compliant has been correctly claimed. An annexure must detail the assessee's identification, descriptions and costs of non Y2K computer systems, a schedule of expenditure distinguishing revenue and capital items, the payee details, and the deduction amount. The report and annexure must be signed by a chartered accountant or an auditor eligible person for the State; negative or qualified answers must state reasons.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Tax deduction for Y2K compliance requires certified accountant reporting and detailed annexure of expenditures.
Form No. 3BA requires an examining accountant to certify that accounts and records were examined, necessary information obtained, and that the deduction claimed under clause (xi) of section 36(1) for making non Y2K computer systems Y2K compliant has been correctly claimed. An annexure must detail the assessee's identification, descriptions and costs of non Y2K computer systems, a schedule of expenditure distinguishing revenue and capital items, the payee details, and the deduction amount. The report and annexure must be signed by a chartered accountant or an auditor eligible person for the State; negative or qualified answers must state reasons.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
