As per the Pre-Budget Memorandum submitted by the CMA Institute for the Union Budget 2023-24 they have raised the demand of inclusion of Cost Accountants in the definition of “Accountant” under the Income Tax Act, 1961.
CA Pratibha Goyal | Dec 24, 2022 |
Include Cost Accountants in the definition of “Accountant” under the Income Tax Act
CMA P Raju Iyer, Immediate Past President, CMA Chittranjan Chattopadhyay, Council Member and CMA Mritunjay Acharyya, General Manager (Finance), Numaligarh Refinery Ltd made a presentation before the CBDT on 29th November, 2022 on the Pre-Budget Memorandum submitted by the Institute for the Union Budget 2023-24.
As informed by CMA Vijender Sharma, President ICMAI he was happy that their submissions were well received by the Ministry of Finance. The discussion also included the matter raised by the Institute, on the inclusion of Cost Accountants in the definition of “Accountant” under the Income Tax Act, 1961.
The CMA institute has been demanding the revision of this definition for a long time ago. As of now, Chartered Accountants are Accountants as per the Income Tax Act, who have the power to sign various forms and Tax Audit under Income Tax Act.
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