Include ‘cost accountant’ in definition of ‘accountant’ in Income Tax Bill 2025, says ICMAI

The Institute of Value Accountants of India (ICMAI)-Hyderabad chapter has urged the Central authorities to incorporate value accountant in the definition of ‘accountant’ in the Income Tax Bill 2025 as they’re already certified to be the Inner Auditors as per the Firms Act, 2013.

ICMAI-Hyderabad chapter chairperson Lavanya Kanduri welcomed the Income Tax Bill, stating it displays the federal government’s unwavering help to resolve and introduce basic structural modifications that contribute considerably to attain the benefit of doing enterprise and fostering a extra tax payer-friendly ecosystem.

She mentioned the specialised experience of the associated fee accountants in taxation, compliance, value management, monetary and strategic planning and different necessary areas displays their competency. Within the context of new Income Tax Bill, she mentioned the Institute has submitted a Memorandum to the Choose Committee of Lok Sabha requesting the inclusion of ‘Value Accountant’ in the definition of ‘Accountant’ below Part 515(3)(b) of the Income-Tax Bill, 2025.

“This may guarantee higher illustration in the enterprise situation, inclusivity and utilisation of the specialised abilities of Value Accountants in taxation and compliance-related actions below the evolving tax regime,” she mentioned in assertion right here.