Hello
can any one please clarify that is there any announcement by Finance Minister that CMA are included in the accountant definition of sec 288 of income tax act 1961
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Can CMA do tax audit
Replies (11)
Quick Summary
Yes, the circular includes cost accountants into accountants definition
Could please share such circular?
No I think CMA cannot conduct tax audit
But they are saying that they can conduct the tax audit and circular has been released
It is true, MCA can conduct tax audit. Next an mba will study indirect taxation, advanced taxation and become a full fledged auditor
| Originally posted by : divy harika manepalli | ||
 |
But they are saying that they can conduct the tax audit and circular has been released |  |
Can you share the circular?
Sure: https://icmai.in/upload/Taxation/Rep_Modification_19072019.pdf
This is the representation from ICMAI requesting the FM to include CMAs as accountants u/s 288. I'm referring to the circular from CBDT that has been stated above.
Cannot, They do Cost Audit, They can only.
CMA can conduct cost audit only u/s 148 of companies act
In upcoming future (2 or 3 years) CMA's can conduct Tax Audit also.
Government is doing work in this area for inclusion of Cost Accountants in Accountant definiation or may be merger of of both Institutes (ICMAI & ICAI).
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