ICMAI Advocates Inclusion of Cost Accountants in Income Tax Bill 2025

The Institute of Cost Accountants of India (ICMAI) has requested the government to recognize cost accountants under the definition of 'accountant' in the forthcoming Income Tax Bill, 2025. The institute highlights the expertise of CMAs in taxation, finance, and auditing, urging their inclusion to enhance representation in business and tax compliance.

The Institute of Cost Accountants of India (ICMAI) has stepped up its campaign to include cost accountants in the definition of 'accountant' under the Income Tax Bill, 2025. In a memorandum submitted to the Select Committee of the Lok Sabha, ICMAI argues for the recognition, citing the comprehensive taxation and financial expertise offered by its members.

ICMAI President Bibhuti Bhusan Nayak emphasized that Cost and Management Accountants (CMAs) possess specialized skills in areas like income tax, GST, and auditing. These skills, Nayak suggests, are pivotal for ensuring thorough tax compliance and minimizing losses to the exchequer. The institute underlines its members’ role under various financial regulations, aiming to secure their inclusion for a broader representation in the business and tax compliance spheres.

This advocacy comes as the Income Tax Bill, introduced last week in the Lok Sabha, undergoes scrutiny by a 31-member select committee. The bill aims to minimize litigation and provide tax certainty, with a report expected by the first day of the Monsoon Session of Parliament. Similarly, the Institute of Company Secretaries of India (ICSI) has also sought a redefinition to include company secretaries.