ICMAI Seeks Inclusion of Cost Accountants in Definition of 'Accountant' under Income Tax Bill 2025

The Institute of Cost Accountants of India (ICMAI) has requested the inclusion of cost accountants in the definition of "accountant" under the Income Tax Bill 2025. This inclusion would recognize the expertise of cost accountants in financial matters and allow them to certify certain documents under the Income Tax Act. ICMAI argues that cost accountants possess the necessary skills and knowledge to contribute effectively to tax administration. This recognition would also provide cost accountants with greater professional standing. The proposal aims to broaden the definition of "accountant" to include other qualified professionals.