No Change in 'Accountant' Definition in New Tax Bill 2025:

No Change in 'Accountant' Definition in New Tax Bill 2025 The Lok Sabha Secretariat published the updated version of the Income-Tax Bill, 2025, which was adopted and officially passed by the Select Committee of the Eighteenth Lok Sabha. This new language is likely to be introduced in the next few days within the current legislative session in Parliament. This was a major milestone in the journey of reforming tax in the country. One of the key highlights from the amended bill is that there is no change in the definition of the term “accountant”. As per the bill, the term continues to carry the same meaning as defined under section 2(1)(b) of the Chartered Accountants Act, 1949 (Act No. 38 of 1949). This refers specifically to a chartered accountant who holds a valid certificate of practice under section 6(1) of the said Act. Importantly, the amended bill also retains the existing exclusions, particularly those related to representation under subsection (1). For example, a company has an accountant and that individual cannot act as that company's accountant for certain things if that individual is not eligible to be appointed as the auditor of that company under the relevant legislation. Retention of the existing definition highlights the Government's intention to maintain clarity of a profession in regard to the titles affiliated with accounting, especially in connection with taxation. Therefore, the intention with retaining the exact same definition strengthens reliance on existing professional standards and regulatory schemes for determining who could potentially qualify and operate as an accountant under the upcoming tax regime.