Quick Summary
In a key submission before the Parliamentary Committee reviewing the draft of the new Income Tax Bill, experts and stakeholders have strongly recommended that the definition of "accountant" under Section 288 of the Income-tax Act remain unchanged. The emphasis was placed on preserving the exclusive right of Chartered Accountants (CAs) to conduct tax audits under Section 44AB. One of the expert witnesses cautioned against the growing pressure from other professional bodies-including company se
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FAQ :
Experts and stakeholders strongly recommended that the definition of 'accountant' under Section 288 of the Income-tax Act remain unchanged, preserving the exclusive right of Chartered Accountants (CAs) to conduct tax audits.
Experts argue that CAs possess a distinct aptitude for audit derived from rigorous training, comprehensive examinations, and mandatory practical experience, which other professional bodies may lack for this specialised role.
Yes, there is growing pressure from other professional bodies, including company secretaries, seeking eligibility to conduct tax audits.
Experts warn that allowing non-CAs to conduct tax audits could undermine audit integrity, reduce public trust, introduce inconsistency with global tax administration norms, and adversely affect audit quality.
The submission notes that in countries like the United States and the United Kingdom, tax audits are reserved for Certified Public Accountants (CPAs) and Chartered Accountants, respectively.
This submission adds a significant voice in favour of upholding existing legal and professional safeguards that entrust the tax audit function solely to Chartered Accountants as the government proceeds with reforms under the proposed Income Tax Bill, 2025.
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