ICMAI President speaks on Inclusion of CMAs for Tax Audit:

ICMAI President speaks on Inclusion of CMAs for Tax Audit The Institute of Cost Accountants of India (ICMAI) president, in a message, speaks on the inclusion of CMAs for tax audits in the newly introduced bill. The New Income Tax Bill 2025 was tabled in Lok Sabha on 13th Feb 2025, which goes into effect on April 1, 2026. The Bill represents a significant revision of the existing tax system. It consists of 536 clauses, 16 schedules, and 23 chapters that introduce significant changes to streamline and modernise tax administration. Key changes include the introduction of a “tax year” concept, the preservation of the old tax regime with current deductions, and the development of a new tax regime with updated rates. Apart from changes in sections and clauses, this bill left CMAs hanging even after being given assurance that Cost Management Accountants will be included in the definition of accountant for tax audit.

Definition of Accountant as per new Income Tax Bill

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. On this news, the ICMAI president shared his message and spoke on this new bill's issue. He said, "Dear esteemed members, The Council of the Institute is fully seized with the issue of non-inclusion of 'Cost Accountant' in the definition of Accountant in the newly introduced Income Tax Bill, 2025. This is contrary to the assurance given to us that a level playing field will be provided to all professionals. Your council is in touch with policymakers, and a road map will be shared with you for your valuable inputs. This is the time when we should exhibit our professional competence. I assure you that we will not leave any stone unturned to represent our profession strongly and push for our legitimate position in the statute." In the end, he gave everyone the best wishes and encouraged everyone to show their professional competence.