Section 139 B of Tax Return preparer when invoking? whats procedure for that?
Mr. P. Chidambaram introduced a new scheme u/s 139(B) as 鈥淭ax return prepare鈥?by Finance Act 2006. This scheme will be framed by CBDT. Central Board of Direct Tax will is only authorised body to decide the manner in which and the period for which the tax return preparers shall be authorised, educational and other qualifications, the training and other conditions required to be fulfilled by a person to act as a tax return preparer, the duties and obligations, the code of conduct, the circumstances under which the authorisation given to a tax return preparer may be withdrawn. All other matter will also decided by CBDT which is required to be, or may be, specified by the scheme for the purposes of this section
Plan for the Scheme
This scheme will be operationalised from 1 July 2006 and will cover most categories of taxpayers barring corporate houses and cases under litigation. It is recommended that tax preparers could charge a fixed fee of Rs. 250 from tax-payers for each return filed by them. In the first Three years, the tax preparers would be reimbursed a percentage of the tax collected. The percentage of the tax collected was pegged at 5% for the first year, 2.5% for the second year and 1.5% for the third year. A 鈥淩esource Centre鈥?will also setup in Delhi as a separate directorate, headed by director of income-tax, which could act as nodal agency for the scheme as well as a internal committee has also been working on this scheme which is headed by B.P sah, Chief Commissioner, Income tax. This scheme will initially be pilot-tested in 4 towns of different sizes representing four zones-Delhi, Asanso, Coimbatore and pune. Around 25 candidates will be randomly selected from law and commerce colleges in these cities for training under the pilot project
Source(s):
www.indiacorporateadvisor.com
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