‘Include Cost Accountants as "Accountants" in Income Tax Bill, 2025’: Gujarat MP Mansukhbhai D. Submits ICMAI Memorandum to Select Committee
The ICMAI Memorandum was forwarded to Baijayant Panda, the Chairman of the Lok Sabha Select Committee entrusted to examine the Income Tax Bill, 2025
Bharuch Minister of Parliament ( MP ) and BJP leader Mansukhbhai Dhanjibhai Vasava has formally submitted a memorandum from The Institute of Cost Accountants of India ( ICMAI ) to the Income Tax Bill Review Committee, urging the inclusion of Cost Accountants under the definition of "Accountants" in the Income Tax Bill, 2025. Read More: Income Tax Bill 2025: New Changes in Profits and Gains...
Bharuch Minister of Parliament ( MP ) and BJP leader Mansukhbhai Dhanjibhai Vasava has formally submitted a memorandum from The Institute of Cost Accountants of India ( ICMAI ) to the Income Tax Bill Review Committee, urging the inclusion of Cost Accountants under the definition of "Accountants" in the Income Tax Bill, 2025.
Read More: Income Tax Bill 2025: New Changes in Profits and Gains of Business and Profession
The letter, addressed to Chairman of the Income Tax Bill Review Committee, Baijayant Panda endorses the Cost Accountants profession in financial and tax-related matters and calls for their recognition and strengthening under Section 515 (3)(b) of the proposed law.
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The Income Tax Bill, 202 was tabled by Union Finance Minister Nirmala Sitharaman in Parliament on February 13, 2025 and aims to overhaul the existing tax framework and streamline compliance mechanisms including the soon-to-be erstwhile Income Tax Act, 1961.
The issue arises from the current definition of "Accountant" under Section 515(3)(b) which is restricted to Chartered Accountants (CAs) only, as per the Chartered Accountants Act, 1949. ICMAI seeks that the scope of the Section be expanded to include “cost accountants” as well, recognizing the expertise of CMAs in cost analysis, indirect taxation, and financial efficiency.
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Read More: ICMAI Issues Advisory Against Illegal Agitation by Members on Income Tax Bill Inclusion
While Chartered Accountants (CAs) traditionally focus on financial auditing and statutory reporting, Cost Accountants specialize in cost control, pricing strategies, and tax planning. Despite their significant contributions to corporate governance and financial management, CMAs have been excluded from the proposed definition of "Accountants." The Bill makes no mention of CMAs or the ICMAI, a point that the Institute has consistently contested.
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The assistance rendered by the MP has been met with applause from all quarters of the Cost Accountants’ Arena, with social media users sharing the letter amidst peers. With the submission of the memorandum to the Select Committee, the ICMAI is hopeful that its concerns shall be tended to in the final version of the Bill.
To Read the full text of the Order CLICK HERE
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