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Will CMA be authorised as Accountant in Income tax act?

04 September 2019

if cma are also authorised as accoutant under new income tax code,what will be the future of a CA?CA lobbying are not strong, due to this they are now GST auditor. Then whats the point of doing CA if i want to do practice

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8 Replies

PSPSPS (Practicing) (1344 Points)
Replied 04 September 2019

Even in ITACT 1961 & Rules 1963 CMA is defined as Accountants except for Audit Purpose... Pls check Sec 288

Hridoy Deka (163 Points)
Replied 04 September 2019

i am asking with reference to new income tax code 2019, from sources i come to know that CMA will be authorised to do Income tax Audit

PSPSPS (Practicing) (1344 Points)
Replied 04 September 2019

Yes this Talks are going around & there are all bright chances of CMAs being authorised to conduct Tax Audits.....

1 Like

Hridoy Deka (163 Points)
Replied 04 September 2019

if two main fields are given away to others,whats the poitnt of doing CA wasting your valuable time? why shouldnt we go for cma. where is icai lobby? ese toh har bat pe un logo ka lobbying hota he,exam paper me vi lobbying. kaha gye ab

praveen (intermediate) (298 Points)
Replied 04 September 2019

Mr. hridoy deka first of all just read cma course than u understand y cma is also deserve this position and If u have any problem just write a latter to ur ca chapter don't cry here that only ca is eligible for everything and other courses r just waste of time

Hridoy Deka (163 Points)
Replied 06 September 2019

By allowing CMA to do tax audit will be just like ENT surgeon doing Brain surgery. Competetion is required but when there will be double no of professionals in the same field,it will lead to cut throat competetion. The standard that ICAI is looking in an auditor will be lost. Because other instituitions will be producing professionals at less price .
Somehow at a point of time,there will be no requirement of 2 separate intitutiins. Both would be merged and students will be asked to choose a major subject in costing or in Company Audit. other subjects will be same.

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Narendra Kumar Mohapatra (Manager) (32 Points)
Replied 07 September 2021

Both CA and CMA(India) study same syllabus.If you have a little idea about accountancy then you can understand it. Then why Tax audit will be exclusive for CA. CAs should compete with CMAs if they think they are capable of equal/more than CMAs.

1 Like