Chartered Accountants Advocate Exclusivity Amid New Tax Bill Debates

Amid discussions on the new Income Tax Bill, the Institute of Chartered Accountants of India (ICAI) asserts that audit responsibilities should remain exclusive to chartered accountants. Sister institutions ICSI and ICMAI seek equivalent recognition for their members. The issue awaits deliberation within a government coordination committee.

The ongoing debate surrounding the new Income Tax Bill has spotlighted a clash among prestigious accounting bodies in India. The Institute of Chartered Accountants of India (ICAI) strongly maintains that the duties of auditing should exclusively remain within the jurisdiction of chartered accountants while notably negating similar recognition for other professionals.

Sister institutions, including the Institute of Company Secretaries of India (ICSI) and the Institute of Cost Accountants of India (ICMAI), challenge this stance, demanding that their members be considered accountants under the proposed legislation. These requests stem from the need for wider professional inclusion as outlined in Section 515(3)(b) of the Income Tax Bill, 2025.

ICAI President Charanjot Singh Nanda voiced the chartered accountants' critical role and readiness to resolve the issue through a government coordination committee. Meanwhile, the bill proceeds to a select parliamentary committee set to report by the Monsoon Session's first day, further intensifying the sector's need for clarity and resolution.

(With inputs from agencies.)