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CS Professional · Advanced Direct Tax Laws and Practice · Transfer Pricing and General Anti Avoidance Rules (GAAR)

Under the Income-tax Act, 2025, which authority is empowered by section 533 to make rules for carrying out the purposes of the Act, including rules on the form of audit reports and the particulars they contain, which underpin prescribed reports and forms in compliance?

The Board makes the rules, subject to the control of the Central Government, by notification. This includes prescribing the form of audit reports and their particulars. Assessing Officers and Approving Panels do not hold this general rule-making power under section 533.

  1. AThe Board, subject to the control of the Central Government, by notificationCorrect
  2. BThe Assessing Officer, by order in each case
  3. CThe Approving Panel, by general directions
  4. DThe Central Government alone, without any involvement of the Board

Explanation

Section 533(1) says the Board may, subject to the control of the Central Government, by notification make rules. Section 533(2)(l) covers the form of the report of audit and its particulars under section 268(5). The Assessing Officer and the Approving Panel have no general rule-making power.

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