Income-tax (Third Amendment) Rules, 2008 – Insertion of Rule 14B
In
exercise of the powers conferred by sub-section (2D) of section 142 of the
Income-tax Act, 1961(43 of 1961), the Central Board of Direct Taxes hereby
makes the following rules further to amend the Income -tax Rules, 1962,
namely:-
1. (1) These rules
may be called the Income-tax (Third Amendment) Rules, 2008.
(2) They shall
come into force from the date of their publication in the Official Gazette.
2. In the
Income-tax Rules, 1962, after rule 14A, the following rule shall be inserted,
namely :-
"14B
Guidelines for the purposes of determining expenses for audit- (1) Every Chief
Commissioner shall maintain a panel of accountants, out of the persons referred
to in the Explanation to sub-section (2) of section 288, for the purposes of
sub-section (2A) of section 142.
(2) Where the
Assessing Officer directs for audit under sub-section (2A) of section 142 on or
after the 1st day of June, 2007, the expenses of, and incidental to, audit
(including the remuneration of the Accountant, qualified Assistants,
semi-qualified and other Assistants who may be engaged by such Accountant)
shall not be less than rupees three thousand seven hundred and fifty and not
more than rupees seven thousand and five hundred for every hour of the period
as specified by the Assessing Officer under sub-section (2C) of section 142.
(3) The period
referred to in sub-rule (2) shall be specified in terms of the number of hours
required for completing the report.
(4) The Accountant
referred to in sub-section (2A) of section 142 shall maintain a time-sheet and
shall submit it to the Chief Commissioner or Commissioner, along with the bill.
(5) The Chief
Commissioner or the Commissioner shall ensure that the number of hours claimed
for billing purposes is commensurate with the size and quality of the report
submitted by the Accountant."
[F.No. 142/33/2007 - TPL(Pt.)]