ICMAI demands inclusion of Cost Accountants in New Income Tax Bill 2025:

ICMAI demands inclusion of Cost Accountants in New Income Tax Bill 2025 The Institute of Cost Accountants of India (ICMAI) has sent a memorandum to Hon'ble Finance Minister Smt. Nirmala Sitharaman demanding that Cost Accountants be included in the term of "Accountant" under Section 515(3)(b) of the Income-Tax Bill of 2025. The Bill aims to streamline provisions, eliminate obsolete references, and establish a more concise and transparent legal framework. Empowering the CBDT with greater autonomy and introducing a structured framework for tax administration, the legislation is expected to reduce litigation and improve voluntary compliance. With the introduction of this New Bill on 13th February 2025, ICMAI recognizes it as a critical step towards modernizing India's tax system by reducing rules and enhancing compliance. Recognizing Cost Accountants' specialized skills in taxation, compliance, and financial control, this inclusion will:

• Improve the representation of Cost Accountants in tax matters.
• Promote inclusivity in the developing tax administration.
• Ensure the optimal use of professional capabilities for a transparent and efficient tax system.

As India proceeds towards Viksit Bharat 2047, empowering tax professionals would greatly boost economic growth and ease of doing business. We look forward to receiving positive feedback from the Ministry of Finance. Your assistance and insights on the matter are welcome.