Inclusion of Cost Accountants in the definition of 'Accountants' under Income Tax Bill 2025:

Inclusion of Cost Accountants in the definition of 'Accountants' under Income Tax Bill 2025 The Member of Parliament and the President of AIMIM, Asaduddin Owaisi has made a representation before the Chairman of Select Committee, Shn Baijayant Panda, to include the Cost Accountants in the definition of 'Accountants' under Income Tax Bill 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. 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. The Representation Read as Follows: I have received representation from my constituents and members of The Institute of Cost Accountants of India. I have been briefed by them about their demand to include the Cost Accountants in the definition of 'Accountants' under the Income Tax Bill 2025. I have gone through their representation and understood the reasoning and logic behind their demand. I am of the concerned opinion that including Cost Accountants in the definition of Accountants' under the Income Tax Bill 2025 will be interest in the tax payers as well as revenue authorities. It will make available more professional support to the taxpayers, which may result in better quality of service at reduced fees. It will also lead to ease of doing business, which is the primary objective of The Income Tax Bill 20205 I hereby recommend inclusion of Cost Accountants in the definition of 'Accountants' under The Income Tax Bill 2025, Sec 515(3)(b). For Official Represetation Download PDF Given Below: