Direct Tax Code 2013 allows Tax Audit by Company Secretaries and Cost Accountants also
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Tax Audit under the Income Tax Act is currently allowed to be conducted only by the Chartered Accountant but Proposed Direct Tax Code 2013 allowsTax Audit not only by Chartered Accountants but also by Company Secretaries and Cost Accountants.
Clause 88 of the Proposed Direct Tax code prescribes who needs to get the book audited under the direct tax code 2013 and it further says that the same needs to be audited by an accountant. The Term accountant is been defined in Clause 320(2) which says that accountant means Chartered Accountants , Company Secretaries , Cost Accountants any person having such qualifications as the Board may prescribe, for the purposes specified in this behalf.
As per New Direct Tax Code 2013, Accountant Means...
(2) “accountant” means
a chartered accountant within the meaning of the Chartered Accountants Act, 1949 and who holds a valid certificate of practice under sub-section (1) of section 6 of that Act, and shall include-
(i) a company secretary within the meaning of the Company Secretaries Act, 1980 ;
(ii) a cost accountant within the meaning of the Cost and Works Accountants Act, 1959 ; or
(iii) any person having such qualifications as the Board may prescribe, for the purposes specified in this behalf
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