Role of an accountant as defined under S. 288 should be restricted exclusively to CA in practice : ICAI

Role of an accountant as defined under S. 288 should be restricted exclusively to CA in practice

ICAI President CA. Prafulla P. Chhajed has expressed his Concerns in reference to Submissions made to Union Finance Minister regarding Definition of Accountant in Income-tax Act, 1961.

Recently, the Institute of Cost Accountants of India and the Institute of Company Secretaries of India have submitted representations to the Government requesting for an amendment in the definition of term Accountant in the Explanation to Section 288(2) of the Income-tax Act, 1961.

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Taking note of this development, ICAI has submitted our detailed concerns in respect of the same to the Union Finance Minister vide separate letters.

ICAI has mentioned that the role of an accountant as defined under section 288 should continue to be restricted exclusively to chartered accountants in practice, who alone possess the requisite professional competence to perform the said role efficiently and effectively.

Source : ICAI presidents message