09 March 2020
If a CS/CA in Practice surrenders his COP then will it amount to discontinuation of profession under section 176(3) of Income Tax Act,1961 ? Whether this surrender of COP is required to be intimated to the Assessing officer as mentioned in that section?
09 March 2020
I is not necessary as the Section is discretionary from the point of view of an AO to assess the income of an assessee who will be having no income after discontinuation of business in the relevant previous year. After surrendering COP if the CS/CA will be leaving India ( of course , after Corona Virus disappears) then he should intimate.
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