ICMAI requests Govt to allow Cost Accountants to appear as Authorized Representatives under Income Tax Law [Read Representation]

The Institute of Cost Accountants of India (ICMAI) has requested the Central Government to include the cost accountants fraternity to appear as authorized representatives under the Income Tax Act, 1961.

“With the intention of the Government to re-draft the present Income–tax Act, by way of enacting new Direct Tax Law keeping in mind tax system prevalent in various countries, international best practices, economic needs of the country, among others, the Institute of Cost Accountants of India has made an attempt to highlight that Cost Accountants with their efficiency, equity and effectiveness can surely prove to be a valuable resource and can contribute positively and progressively in various direct taxation arenas,” the representation reads.

Currently, legal practitioners, Chartered Accountants, in-house accountants etc., are eligible to represent the assessees before the income tax authorities.

The Institute requested for modification of the term “Accountant” as appearing in the Explanation below sub-section (2) of section 288 of the Income Tax Act, 1961 to include the “Cost Accountants”.

“It would be an honour for us, if you please give us an opportunity to present before you the representation in person at your convenient date and time. We are eagerly looking forward to your confirmation for a suitable date,” it said.

The Institute of Cost Accountants of India (ICMAI) is a statutory body set up under an Act of Parliament in the year 1959. The Institute as a part of its obligation regulates the profession of Cost and Management Accountancy for the last 75 years. The Institute, as a part of its obligation towards the society and the country at large, has been associated and taken part in all the major tax reforms in the country starting from Direct Tax to Indirect Tax regime including VAT/Central excise/Service Tax ending with the biggest tax reform in India in the way of implementation of GST. The Institute pursues the vision of cost competitiveness, cost management, efficient use of resources and structured approach to cost accounting as the key drivers of the profession.