Include Cost Accountants in the definition of “Accountant” under the Income Tax Act:

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.

Inclusion of Cost Accountants in the definition of “Accountant” under the Income Tax Act

CA Pratibha Goyal

Dec 24, 2022

Last update on 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.

About Author

CA Pratibha Goyal

Co Founder

CA Pratibha Goyal is Chartered Accountant qualified in 2016, is a Member of The Institute of Chartered Accountants of India having wide experience in the field of Auditing, Taxation, ROC, GST and Secretarial matters etc. She has written over a thousand articles & has made several videos on topics related to Auditing & Taxation. As a Speaker she has delivered various sessions on various branches of NIRC of ICAI.