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Amendment of section 288

Section 79 - DIRECT TAXES - Income-tax - Finance Act - Section 79 - 79. In section 288 of the Income-tax Act, with effect from the 1st day of June, 2015,- (i) after sub-section (2), for the Explanation, the following Explanation shall be substituted, namely:- Explanation.-In this section, accountant means a chartered accountant as defined in clause (b) of sub-section (1) of section 2 of the Chartered Accountants Act, 1949 (38 of 1949) who holds a valid certificate of practice under subsection (1 .....

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family, any partner of the firm, or member of the association or the family; (ii) in case of the assessee, being a trust or institution, any person referred to in clauses (a), (b), (c) and (cc) of sub-section (3) of section 13; (iii) in case of any person other than persons referred to in sub-clauses (i) and (ii), the person who is competent to verify the return under section 139 in accordance with the provisions of section 140; (iv) any relative of any of the persons referred to in sub-clauses .....

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to the assessee for an amount not exceeding one hundred thousand rupees; (III) has given a guarantee or provided any security in connection with the indebtedness of any third person to the assessee: Provided that the relative may give guarantee or provide any security in connection with the indebtedness of any third person to the assessee for an amount not exceeding one hundred thousand rupees; (viii) a person who, whether directly or indirectly, has business relationship with the assessee of su .....

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