OFFICE OF THE
PRINCIPAL CHIEF COMMISSIONER OF INCOME TAX,
C. R. BUILDING, I. P. ESTATE, NEW DELHI-110002
F. No. Addl. CIT(Hqrs)(Coord)/Cost Acct/2023-24/
Date: 15.01.2024
NOTIFICATION FOR APPLICATION
Income Tax Department, Delhi, invites applications from Cost Accountant entities/Firms/LLP for empanelment for Inventory valuation under clause (ii) of sub-section 2A of Section 142 of Income- Tax Act, 1961. The empanelment shall be w.e.f. 01.04.2024 & till 31.03.2027
2. The criteria laid down for empanelment are as under-
A. Cost Accountant entities/ Firms/LLPs:
i. Should be in the profession of cost accountancy and cost auditing having a staff/Article strength of at least 3 (other than Cost Accountants), and a minimum of 2 Cost Accountants working continuously for at least last one year (including partners/proprietor) as on 31.3.2023.
ii. Should be having at least one office located in Delhi region.
iii. Should have Cost Accountancy/ Cost auditing/ internal audit/ Insolvency Professional experience of a minimum period of 5 years as on 31.3.2023
iv. Should have audited Cost Records of at least one business entity having turnover of Rs. 50 Cr or more in at least 2 out of last 5 financial years (i.e. from FY 2018-19 to FY 2022- 23).
v. Should have filed returns of income regularly up to A.Y 2023-24(FY 2022-23) and the gross professional receipts of the applicant from professional services like Cost Consultancy/cost audits/Internal Audits/accountancy exclusively declared therein should be at least Rs. Fifteen Lakh or more in at least 2 of the last 5 years (i.e.
from F.Y.2018-19 to F.Y.2022-23).
vi. Should not have been charged with having indulged in any professional misconduct and no complaint under section 21 of Cost and Work Accountants Act, 1959 for any irregularity should have been filed against the applicant by the Income-tax Department.
B.
i. No prosecution should be pending under Chapter XXII of the Income-tax Act, 1961 or under any other statute, against the applicant.
ii. Cost Accountant entities/ Firms/LLPs should not be facing any investigation/inquiry for tax evasion or for any other criminal proceedings on the date of application.
3. The applications received in this office shall be examined by a Screening Committee and the decision of the Department regarding the empanelment of Cost Accountant entities/Firms/LLPs on the panel shall be final.
4. The Cost Accountant entities/Firms/LLPs may to submit their applications along with documentary evidences (duly certified along with notarised affidavit) to the office of the DCIT(Hqrs)(Coord-1), New Delhi in Room No. 361, 3rd Floor, Central Revenue Building, IP Estate, New Delhi – 110002 or on E-mail id-delhi.dcit.hq.coord1@incometax.gov.in. Applications without any supporting documentary evidences will not be considered for empanelment. The application form can be downloaded from the website: incometaxdelhi.org.
5. The remuneration for inventory valuation is governed by rule 14B of the Income-Tax Rules 1962.
6. The last date for submission of application is two weeks from the date of publication of this advertisement.
(Robin Kumar)
Assistant Commissioner of Income Tax (Hqrs.)(Coordination-1), Delhi
For Principal Chief Commissioner of Income Tax (CCA), Delhi
Application for empanelment of Cost Accountant entities/Firms/LLPs for Inventory Valuation under clause (ii) of sub-section 2A of Section 142 of Income-Tax Act, 1961.
|
1 |
Name of the Cost Accountant entity/Firm/LLP | |
| 2 | ICMAI registration no. of Cost Accountant | |
| 3 | Present status whether Proprietorship/Partnership Firm | |
| 4 | PAN: Ward/ Circle: | |
| 5 | Complete address of the office Tele no. & fax no. |
|
| 6 | Date since when the Cost Accountant entity/Firm/LLP has CMA | |
| 7 | Date of establishment of Cost Accountant entity/Firm/LLP |
|
| 8 | Name & complete address of the Cost Account in-charge of the head office | |
| 9 | Details of the full time partners (separate sheet indicating qualifications & experience) | |
| 10 | Details of the part time partners of the Cost Accountant entity/Firm/LLP | |
| 11 | Details of the cost account employees | |
| 12 | No. Of audit staff employed full time with the Cost Accountant entity/Firm/LLP
(A) Articles/audit clerks (B) Other audit staff |
With documentary evidence (Refer Sl. No. 2(A)(i) of the notification for application) |
| 13 | Details of directorship held by the partners | |
| 14 | Turnover of Cost audited Company/Firm/LLPs:
AY 2019-20 AY 2020-21 AY 2021-22 AY 2022-23 AY 2023-24 |
With documentary evidence (Refer Sl. No. 2(A)(iv) of the notification for application) |
| 15 | Details of ITR reflecting professional receipt from Cost audit undertaken by Cost Accountant entity /Firm/ LLP:
AY 2019-20 |
Details of each such entity along with documentary evidence establishing turnover of each such entity (Refer Sl. No. 2(A)(v) of the notification for application) |
| 16 | Detail of inventory valuation u/s 142(2A) of the Income-Tax Act, 1961 undertaken | |
| 17 | Is cost accountant entity/Firm/LLP indulged in any professional misconduct or have faced any complaint under section 21 of Cost and Work Accountants Act, 1959 for irregularities in audit before the ICMAI. | |
| 18 | Whether the Cost Accountant entity/Firm/LLP or partners in discharge of his/her work has been found guilty under the Income-Tax Act, 1961 or held guilty under any other court of law |
UNDERTAKING
We the following partners of Cost Accountant entity/Firm/LLP herby jointly and severally verify and declare
1. That the particulars given above are correct and further recognised that if any of the statement made therein for the information so furnished in the application form is not correct or false information or suppression of material information, will not only disqualify the Cost Accountant entity/Firm/LLP from allotment but also make liable for disciplinary action under the under section 21 of Cost and Work Accountants Act, 1959 and regulations framed there under.
2. That individually we are not engaged in practice otherwise or in any other activity which would be deemed to be in practice under section 21 of Cost and Work Accountants Act, 1959.
(Proprietor/Partners)
