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The Lok Sabha Select Committee reviewing the draft Income-Tax Bill, 2025 has not favoured altering the definition of 'accountant', maintaining that only Chartered Accountants (CAs) with a valid certificate of practice will be recognized under the law. This decision comes despite repeated appeals from professional bodies representing Cost Accountants and Company Secretaries, who expressed concerns about their continued exclusion. The Institute of Company Secretaries of India (ICSI) had specifica
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FAQ :
The Lok Sabha Select Committee has decided to maintain the definition of 'accountant' as exclusively Chartered Accountants (CAs) holding a valid certificate of practice.
Professional bodies representing Cost Accountants and Company Secretaries appealed against the proposed definition.
They expressed concerns about their continued exclusion and the Institute of Company Secretaries of India (ICSI) called the proposed definition discriminatory.
The term 'accountant' will remain aligned with the Chartered Accountants Act, 1949.
The committee suggested changes related to the definition of associated enterprises, discovery procedures, and the powers of income-tax authorities concerning evidence production.
The bill is expected to be taken up for consideration during the Monsoon Session of Parliament, starting July 21, 2025, following Cabinet approval.
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