Certain accountants not to give reports/certificates

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Question - What are the proposed amendments in section 288 of the Income Tax Act, 1961 ?

AI Summary

Amendments to Section 288 of Income Tax Act: Ensuring Auditor Independence and Disqualification for Convicted Individuals. The discussion focuses on proposed amendments to section 288 of the Income Tax Act, 1961, concerning the eligibility of accountants to issue reports and certificates. It highlights the need for auditors to maintain independence, referencing the Comptroller and Auditor General's report that identified conflicts of interest in audit reports. The amendments aim to align with section 141(3) of the Companies Act, 2013, disqualifying auditors with conflicts from auditing or certifying under the Income Tax Act. Additionally, convicted individuals will be barred from representing as authorized representatives for 10 years. These changes are effective from June 1, 2015.