Corporate Updates 03 April 2014

The Proposed Direct Tax Code 2013 allows Tax Audit not only by Chartered Accountant 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.

Download: Proposed Direct Tax Code

The Securities Appealate Tribunal, Mumbai in his recent judgement held where appellant failed to make disclosure of sale of pledged shares within two days of change in shareholding, appellant had violated PIT Regulations and guilty of Insider trading norms.

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