ICMAI Seeks Inclusion of Cost Accountants In Income Tax Bill 2025

The Institute of Cost Accountants of India (ICMAI) has urged the government to include "Cost Accountant" in the definition of "Accountant" under Section 515 (3) (b) of the Income Tax Bill, 2025. This inclusion would recognize cost accountants' expertise in taxation, compliance, and financial planning. ICMAI argues that their specialized skills in financial governance, risk assessment, and tax compliance make them vital stakeholders in India's evolving tax framework.

The institute highlights that cost accountants are already recognized as internal auditors under the Companies Act, 2013, and are authorized to conduct statutory financial audits under various state legislations. Their curriculum covers diverse areas such as Income Tax, GST, Banking, and Corporate Laws, equipping them to enhance tax administration efficiency. ICMAI believes that recognizing cost accountants under the Income Tax Bill would promote inclusivity in financial management and strengthen India's tax landscape by preventing revenue leakages and improving compliance.