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The new ICAI President, Charanjot Singh Nanda, has reinforced that auditing, including tax audits, should remain the exclusive domain of Chartered Accountants. He stated that it would be unfair to classify Company Secretaries and Cost Accountants as “Accountants” under the proposed Income Tax Bill, 2025. ICAI’s firm stance on tax audits exclusively for CAs under the Income Tax Bill 2025 underscores a long-standing debate among India’s professional bodies.
The Institute of Cost Accountants of India has submitted a memorandum to Hon’ble Finance Minister Smt. Nirmala Sitharaman, requesting the inclusion of “Cost Accountant” in the definition of “Accountant” under Section 515(3)(b) of the Income-Tax Bill, 2025.
ICSI President Dhananjay Shukla stated that Company Secretaries are well-equipped for tax audits and should be considered for inclusion under the definition of “Accountant.” Given India’s $5-trillion economy vision, expanding the pool of tax professionals could improve compliance and reduce deadline extensions.
The Ministry of Corporate Affairs Coordination Committee will review the matter and decide whether tax audits remain solely with CAs or if CS and CMAs receive expanded authority. This decision could reshape India’s tax compliance framework by either maintaining the status quo or expanding professional participation. This debate raises critical questions: Should tax audits remain the sole domain of CAs, or is there merit in diversifying the professional pool for better compliance? Would you like insights on how this debate could impact tax compliance and the audit profession in India?
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