Role of an ?accountant? as defined under S. 288 should be restricted exclusively to CA in practice : ICAI

Role of an ?accountant? as defined under S. 288 should be restricted exclusively to CA in practice

ICAI President CA. Prafulla P. Chhajed has expressed his Concerns in reference to Submissions made to Union Finance Minister regarding Definition of Accountant in Income-tax Act, 1961.

Recently, the Institute of Cost Accountants of India and the Institute of Company Secretaries of India have submitted representations to the Government requesting for an amendment in the definition of term ?Accountant? in the Explanation to Section 288(2) of the Income-tax Act, 1961.

You May Also Refer :

ICSI gives Representation for inclusion of CS in definition of Accountant

Include Cost Accountants under Definition of Accountant U/S 288(2)

Taking note of this development, ICAI has submitted our detailed concerns in respect of the same to the Union Finance Minister vide separate letters.

ICAI has mentioned that the role of an ?accountant? as defined under section 288 should continue to be restricted exclusively to chartered accountants in practice, who alone possess the requisite professional competence to perform the said role efficiently and effectively.

Source : ICAI president?s message

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  1. If cwa and cs include in the definition of accountant then the chance of Government revenue leakage will be higher as there will no upper limit for tax audit for any professional.

    1. This is just the fear in the minds of chartered accountants speaking. Government will get whatever the money they have to get. ICAI (Chartered Accountants) is misleading the government telling some stupid stories.