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Hyderabad,\u00a06th\u00a0March 2025<\/strong>: At the outset, the Institute of Cost Accountants of India extends its welcome to the\u00a0Income Tax Bill 2025<\/strong>, introduced on 13th February 2025. We acknowledge it as a significant milestone to simplify India’s six-decade-old direct taxation structure. The Bill aims to streamline provisions, eliminate obsolete references, establish a more concise & transparent legal framework to reduce litigation and improve voluntary compliance. This clearly reflects the resolve of Govt. to introduce fundamental structural changes to achieve the goal of ease of doing business.<\/p>\n \n Speaking on the occasion\u00a0CMA Dr. Lavanya Kanduri<\/strong>, Chairperson, ICMAI-Hyderabad Chapter; said,\u00a0We welcome the Income Tax Bill 2025, this progressive step really reflects government\u2019s 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. As a premium professional body is committed to contribute meaningfully to the realisation of the nation\u2019s vision 2047 Vikasit Bharath. In this context we firmly believe that the specialised expertise of the cost accountants in taxation, compliance, cost control, financial and strategic planning and other important areas we are competent enough and accordingly we submitted a comprehensive memorandum to the Lok Sabha, urging the inclusion of Cost Accountant in the definition under section\u00a0<\/em>515(3)(b)\u00a0of the income Tax bill, we have been qualified to be the Internal Auditors as per the Companies Act, 2013.<\/em><\/p>\n \n We, from the Institute, are determined to play our role effectively in realizing the Vision of Viksit Bharat@2047. The Institute has submitted a\u00a0Memorandum<\/strong>\u00a0to the Select Committee of Lok Sabha to Examine the Income-Tax Bill, 2025, requesting the\u00a0inclusion of “Cost Accountant” in the definition of “Accountant” under Section 515(3)(b) of the Income-Tax Bill, 2025<\/strong>. This will ensure greater representation in the business scenario, inclusivity and utilization of the specialized skills of Cost Accountants in taxation and compliance-related activities under the evolving tax regime.<\/p>\n \n The demand for inclusion<\/strong>\u00a0in the definition of Accountants\u00a0is backed<\/strong>\u00a0by our\u00a0Expert Knowledge through CMA Curriculum<\/strong>\u00a0that extensively covers all areas of Income Tax, GST, Accounts, Banking, Finance, Cost & Management Accounting, Auditing, Information Technology, Strategic Risk Management, Corporate Laws, Ethics, etc. followed by international examination standards.\u00a0CMAs are recognized as Internal Auditors<\/strong>\u00a0under the Companies Act 2013, thus acknowledging their expert knowledge in the domain of internal controls, risk assessment and deep understanding of accounts & finance.\u00a0CMAs are even authorized to conduct Statutory Financial Audit<\/strong>\u00a0under various State Legislations.\u00a0CMAs are experts of micro analysis<\/strong>\u00a0that gives them a unique advantage to work in Income Tax Domain to protect any loss to the exchequer. Furthermore, the Tax Audit under the existing Income Tax Act is actually not an audit; it is merely compilation of tax related data from the already audited financial statements. Ratio given at Para 27 by the Honourable Supreme Court in civil case 29 of 2021 refers. CMAs are equally capable of compiling such data as per the prescribed format.\u00a0Therefore, CMAs should be included in the definition of “Accountant” under Section 515(3)(b) of the Income-Tax Bill, 2025<\/strong>.<\/p>\n \n About the Institute of Cost Accountants of India:<\/strong><\/p>\n The Institute of Cost Accountants of India<\/strong>\u00a0(ICMAI) is established under the special Act of Parliament, namely, The Cost Accountants Act, 1959 as a statutory professional body for the regulation and development of the profession of Cost and Management accountants in India. The Institute is under the administrative control of the\u00a0Ministry of Corporate Affairs, Government of India<\/strong>. The Institute is a founder member of International Federation of Accountants (IFAC), Confederation of Asian and Pacific Accountants (CAPA) and South Asian Federation of Accountants (SAFA). The Institute is also an Associate Member of ASEAN Federation of Accountants (AFA) and member of International Integrated Reporting Council (IIRC), UK.<\/p>\n Featured Article<\/p>\n","protected":false},"excerpt":{"rendered":" Hyderabad,\u00a06th\u00a0March 2025: At the outset, the Institute of Cost Accountants of India extends its welcome to the\u00a0Income Tax Bill 2025, introduced on 13th February 2025. We acknowledge it as a significant milestone to simplify India’s six-decade-old direct taxation structure. The Bill aims to streamline provisions, eliminate obsolete references, establish a more concise & transparent legal …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[131],"tags":[26949],"class_list":["post-31259","post","type-post","status-publish","format-standard","","category-regional","tag-icmai"],"yoast_head":"\n