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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This discussion explores whether Certified Management Accountants (CMAs) are permitted to conduct tax audits in India under Section 288 of the Income Tax Act 1961. While some participants believe CMAs can perform tax audits based on a circular, others argue they are limited to cost audits. A representation from ICMAI to the Finance Minister is mentioned, suggesting potential future inclusion or merger possibilities.
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.
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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