ICMAI urges inclusion of Cost Accountants in Income Tax Bill 2025:

ICMAI urges inclusion of Cost Accountants in Income Tax Bill 2025 The Institute of Cost Accountants of India (ICMAI) has requested the government to incorporate the term 'Cost Accountant' in the definition of 'Accountant' in Section 515(3)(b) of the Income Tax Bill 2025. The institute has filed a memorandum to the Lok Sabha Select Committee on the Bill, emphasising cost accountants' specific competence in taxation, compliance, and financial planning. The ICMAI asserted that cost accountants have specific expertise in tax compliance, financial analysis, and cost control, making them well-suited to contribute to the new tax regime. CMA Lavanya Kanduri, Chairperson, ICMAI-Hyderabad Chapter, welcomed the proposed tax reforms, saying, "We acknowledge the Income Tax Bill 2025 as a progressive reform that demonstrates the government's commitment to structural changes that promote economic growth and tax compliance. As a leading professional association, ICMAI is committed to achieving Vision 2047 for a developed India. Our experience in taxation, financial planning, and compliance qualifies us as vital stakeholders in the shifting tax structure. As a result, we urge the inclusion of Cost Accountants in the definition of Accountant under Section 515(3)(b) of the Bill." The institution has underlined that Cost Accountants are already recognised as Internal Auditors under the Companies Act of 2013 and are permitted to conduct statutory financial audits under various state laws. Their curriculum includes income tax, GST, banking, finance, cost and management accounting, auditing, information technology, and corporate law, providing them with the abilities needed to play an important role in tax administration. ICMAI contends that acknowledging Cost Accountants under the Income Tax Bill would improve financial governance by improving risk assessment, tax compliance, and cost efficiency in businesses. Their micro-level analysis of finances may also help to minimise leakages of revenue and increase tax administration efficiency. The institute emphasised that Cost Accountants' inclusion would encourage more inclusivity in financial management and taxation, ensuring that their particular expertise is properly exploited in shaping India's growing tax landscape.