ICMAI Seeks Inclusion of Cost Accountants in ‘Accountant’ Definition in Income Tax Bill, Writes to FM
ICMAI has submitted a memorandum to the Finance Minister, requesting the inclusion of "Cost Accountant" in the definition of "Accountant" under Section 515(3)(b) of the Income Tax Bill, 2025
The Institute of Cost Accountants of India ( ICMAI ) has written a letter to the Finance Minister Nirmala Sitharaman to include Cost Accountants in the definition of ‘Accountant’ under Section 515(3)(b) of the Income Tax Bill, 2025. The new bill was introduced on February 13, 2025. However, the Section 515(3)(b) states that “‘accountant’ means a chartered accountant as defined...
The Institute of Cost Accountants of India ( ICMAI ) has written a letter to the Finance Minister Nirmala Sitharaman to include Cost Accountants in the definition of ‘Accountant’ under Section 515(3)(b) of the Income Tax Bill, 2025.
The new bill was introduced on February 13, 2025. However, the Section 515(3)(b) states that “‘accountant’ means a chartered accountant as defined in section 2(1)(b) of the Chartered Accountants Act, 1949, who holds a valid certificate of practice under section 6(1) of that Act”
The institute has welcomed the new bill which simplified the crucial act. By granting the Central Board of Direct Taxes (CBDT) greater autonomy and introducing a structured tax administration framework, the Bill is expected to reduce litigation and enhance voluntary compliance, added the ICMAI in its letter.
Join the Tax & Finance Experts Using This Ultimate Capital Gains Guide, Click here
ICMAI has submitted a memorandum to the Finance Minister, requesting the inclusion of "Cost Accountant" in the definition of "Accountant" under Section 515(3)(b) of the Income Tax Bill, 2025.
The institute stated that this inclusion will ensure broader representation, enhance inclusivity, and leverage the specialized expertise of Cost Accountants in taxation and compliance matters. It has expressed its willingness to provide any further clarifications and has sought a personal meeting with the Finance Minister to discuss and present its submission in detail.
To Read the full text of the Letter CLICK HERE
Support our journalism by subscribing to Taxscan premium. Follow us on Telegram for quick updates
