Under the Explanation to section 288(2), an “accountant” means a chartered accountant within the meaning of the Chartered Accountants Act, 1949, and includes in relation to any State, any person who by virtue of the provisions of section 226(2) of the Companies Act is entitled to be appointed to act as an auditor of companies registered in that State.
Under Section 288(2) of the Income Tax Act, individuals and businesses may be required to obtain prescribed reports and certificates from a Chartered Accountant. These reports and certificates play a crucial role in ensuring compliance with tax laws and providing accurate financial information.
Prescribed reports and certificates are documents that are prepared and signed by a Chartered Accountant. These reports and certificates provide assurance and verification of various financial and tax-related matters.
There are several types of prescribed reports and certificates that may be required under Section 288(2) of the Income Tax Act. Some common examples include:
- Audit Report
- Tax Audit Report
- Transfer Pricing Report
- Income Certificate
- Net Worth Certificate
Relevant
rule of IT
Rules |
Relevant
section of IT
Act |
Prescribed Audit Report/Report of Accountant |
Relevant
Form No. |
| 6H |
50B |
Report and certificate in the case of slump sale certifying the computation of net worth of the undertaking |
3CEA |
| 9C |
72A (2) |
Certificate showing particulars of production during which the prescribed level of production is achieved |
62 |
| 10E |
92E |
Report of an accountant relating to international transactions |
3CEB |
| 2DD (3) |
10(23FF) |
Certificate to be issued by accountant relating to income of the nature of capital gains. |
10-IJ |
| 10V |
9A |
Report from an accountant to be furnished for purpose of section 9A relating to arm’s length price in respect of the remuneration paid by an eligible investment fund to the fund manager |
3CEJ |
|
|
|
|
| 16E |
10B (5) |
Report of an accountant of EOU Units |
56G |
| 16F |
10BA |
Report of an accountant in case of export of handmade articles |
56H |
| 11-O (2) |
35AC |
Certificate of direct expenditure incurred on eligible projects and schemes |
58B |
|
|
|
|
| 12C |
115U (2) |
Certificate by an accountant in respect of income distributed on Venture Capital Company/Fund |
64 |
| 18BBE (3) |
80-IA (6) |
Certificate specifying the amount credited to the reserve account and the amount utilised during the previous year for the highway project |
10CCC |
| 19AC |
80QQB |
Certificate sub-section (3) if section 80QQB for Author of certain books in receipt of royalty income, etc. |
10CCD |
| 19AD |
80RRB |
Certificate sub-section (2) if section 80RRB for Patentees in receipt of royalty income, etc. |
80CCE |
| 20 |
88(2)(xvi) |
Certificate specifying the amount invested by public company in infrastructure facility each year from the date of approval of the Board. |
|
| 20A |
88(2)(xvii) |
Certificate specifying the amount invested by Mutual Fund in “eligible issue of capital” of any company each year from the date of approval of the Board. |
|
| 31ACB |
201 |
Form for furnishing accountant certificate under the first proviso to sub-section (1) of section 201 of the Income-tax Act, 1961 |
26A |
| 37BB |
195(6) |
Certificate of an accountant for remittance to a non-resident or a foreign company |
15CB |
| 37J |
206C |
Form for furnishing accountant certificate under the first proviso to sub-section (6A) of section 206C of the Income-tax Act, 1961 |
27BA |
| 40B |
115JB (4) |
Report of an accountant for computing the book profits of the company |
29B |
| 40BA |
115JC (3) |
Report of an accountant |
29C |
| 114DA |
285 |
Annual statement under section 285 |
49C |
|
