ICAI CA Foundation, Inter Exam Results Expected Soon

In a recent unofficial announcement, CA Himank Single wrote on ‘X’ that the CA Foundation and Intermediate January Exam Results will be announced soon, around the first week of March.

Meanwhile, the discussion on whether Cost and Management Accountants (CMA) and Company Secretaries (CS) can conduct tax audits after the implementation of the new Income Tax Act is in wide and deep discussion across the professional community.

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“Statutory audit & Tax audit is our domain.

Cost Audit is CMA's domain.

Secretarial Audit is CS's domain”. the CA opined on X.

The Official ICMAI Press Note read as follows: —

“We, from the Institute, are determined to play our role effectively in realizing the Vision of Viksit Bharat@2047. The Institute has submitted a Memorandum to the Select Committee of Lok Sabha to Examine the Income-Tax Bill, 2025, requesting the inclusion of "Cost Accountant" in the definition of "Accountant" under Section 515(3)(b) of the Income-Tax Bill, 2025. This will ensure greater representation in the business scenario, inclusivity and utilization of the specialized skills of Cost Accountants in taxation and compliance-related activities under the evolving tax regime.The demand for inclusion in the definition of Accountants is backed by our Expert Knowledge through CMA Curriculum that extensively covers all areas of Income Tax, GST, Accounts, Banking,

Finance, Cost & Management Accounting, Auditing, Information Technology, Strategic Risk

Management, Corporate Laws, Ethics, etc. followed by international examination standards. CMAs are recognized as Internal Auditors under the Companies Act 2013, thus acknowledging their expert knowledge in the domain of internal controls, risk assessment and deep understanding of accounts & finance.

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CMAs are even authorized to conduct Statutory Financial Audit under various State Legislations. CMAs are experts of micro analysis that gives them a unique advantage to work in the Income Tax Domain to protect any loss to the excequer. Furthermore, the Tax Audit under the existing Income Tax Act is actually not an audit; it is merely compilation of tax related data from the already audited financial statements. Ratio given at Para 27 by the Honorable Supreme Court in civil case 29 of 2021 refers. CMAs are equally capable of compiling such data as per the prescribed format. Therefore, CMAs should be included in the definition of "Accountant" under Section 515(3)(b) of the Income-Tax Bill, 2025.”

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