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Co-chair of the Council, S Prabakaran, said that 'a combined reading of the Income Tax Law and the Advocates Act [has] made it clear that such audit reports/certificates could be signed only be advocates'. This view has been submitted in a report to the finance ministry and to the Central Board of Taxes. The report says: 'Chartered accountants are trained in accounts only and not in interpretation of tax law and procedures. In order to practice income tax law and to fill tax audit reports form 3CD, one should specialise in interpretation of tax law and procedures, besides analysing intention of the legislature, Civil Procedure Code and impact of furnishing affidavit and sworn statements in the course of IT proceedings.' Source: Times of India
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