Include ‘cost accountant’ in definition of ‘accountant’ in Income Tax Bill 2025, says ICMAI-OxBig News Network

The Institute of Cost Accountants of India (ICMAI)-Hyderabad chapter has urged the Central government to include cost accountant in the definition of ‘accountant’ in the Income Tax Bill 2025 as they are already qualified to be the Internal Auditors as per the Companies Act, 2013.

ICMAI-Hyderabad chapter chairperson Lavanya Kanduri welcomed the Income Tax Bill, stating it reflects the government’s unwavering support to resolve and introduce fundamental structural changes that contribute significantly to achieve the ease of doing business and fostering a more tax payer-friendly ecosystem.

She said the specialised expertise of the cost accountants in taxation, compliance, cost control, financial and strategic planning and other important areas reflects their competency. In the context of new Income Tax Bill, she said the Institute has submitted a Memorandum to the Select Committee of Lok Sabha requesting the inclusion of ‘Cost Accountant’ in the definition of ‘Accountant’ under Section 515(3)(b) of the Income-Tax Bill, 2025.

“This will ensure greater representation in the business scenario, inclusivity and utilisation of the specialised skills of Cost Accountants in taxation and compliance-related activities under the evolving tax regime,” she said in statement here.