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The Institute of Cost Accountants of India (ICMAI) has submitted a memorandum to the Select Committee of Lok Sabha, requesting the inclusion of "Cost Accountant" in the definition of "Accountant" under Section 515(3)(b) of the Income-Tax Bill, 2025. The move aims to enhance representation, inclusivity, and the utilization of the specialized skills of Cost Accountants in taxation and compliance. The Income Tax Bill, 2025, introduced on February 13, 2025, seeks to simplify India's decades-old d
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FAQ :
ICMAI is requesting the inclusion of 'Cost Accountant' in the definition of 'Accountant' under Section 515(3)(b) of the Income-Tax Bill, 2025.
They believe it will enhance representation, inclusivity, and better utilise the specialised skills of Cost Accountants in taxation and compliance, aligning with the government's vision for ease of doing business.
The CMA curriculum extensively covers Income Tax, GST, Auditing, and other finance-related subjects. Cost Accountants are also recognised as Internal Auditors and authorised for certain financial audits.
A Supreme Court ruling affirmed that CMAs are equally capable of compiling tax-related financial statements in the prescribed format.
If accepted, the amendment could strengthen the role of CMAs in tax compliance, reduce litigation, improve tax governance, and offer businesses more choices for tax-related services.
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