TaxTMI 
TaxTMI 
Question - What are the proposed amendments in section 288 of the Income Tax Act, 1961 ?
Certain accountants not to give reports/certificates
28 Feb 2015 
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Auditor independence: ineligible auditors barred from conducting tax audits or issuing tax certificates; convicted fraudsters disqualified.
Amendments disqualify auditors ineligible under sub-section (3) of section 141 of the Companies Act, 2013 from carrying out audits or issuing reports/certificates under the Income-tax Act for that company, extend similar ineligibility to non-company assessees, revise the definition of "accountant" in Explanation to section 288(2) to mirror the Companies Act, permit ineligible accountants to attend income-tax proceedings as authorised representatives, and bar persons convicted of fraud from acting as authorised representatives for ten years. (AI Summary)
Amendments disqualify auditors ineligible under sub-section (3) of section 141 of the Companies Act, 2013 from carrying out audits or issuing reports/certificates under the Income-tax Act for that company, extend similar ineligibility to non-company assessees, revise the definition of "accountant" in Explanation to section 288(2) to mirror the Companies Act, permit ineligible accountants to attend income-tax proceedings as authorised representatives, and bar persons convicted of fraud from acting as authorised representatives for ten years. (AI Summary)