Include CMAs in cost audits under the new income tax bill

Lokmat News Network

Chhatrapati Sambhajinagar

Cost and Management Accountants (CMAs) have urged union Finance Minister Nirmala Sitharaman to include them in the definition of ‘Accountant’ under the Income Tax Act, allowing them to conduct tax audits. This demand was put forth on Saturday.

The Institute of Cost Accountants of India was established in 1959 under the laws enacted by the central government. The significance of Cost and Management Accountants (CMAs) in the industrial sector is well recognized. Since the syllabus of Chartered Accountants (CAs) and Cost Accountants is 90% similar, CMAs should be included in the definition of ‘Accountant’ under the new Income Tax Act, allowing them to conduct tax audits. This demand has been submitted to union Finance Minister Nirmala Sitharaman, informed Dr Ashish Thatte, a member of the National Executive Committee of the Western India Regional Council.

The inauguration of the Western India Regional Council of the Cost and Management Accountants Association was conducted by MP Sandipan Bhumre, with Guardian Minister Sanjay Shirsat as the chief guest. During a press conference, Dr Thatte stated that CMAs are already authorized for VAT audits in several states, so they should be included in income tax management as well. CMAs undergo specialized courses in direct taxes and auditing, equipping them to manage tax systems efficiently. The event was attended by Arindam Goswami, Mihir Narayan Vyas, Nalin Kumar Shah, Chaitanya Mohirir, Neeraj Joshi, Harshad Deshpande, local branch president Salman Pathan, and Vivek Deshpande.

AI to reshape cost accounting curriculum

The Institute of Cost Accountants of India is updating its syllabus to integrate AI into cost accounting. National executive committee member Neeraj Joshi, emphasized AI’s growing role in taxation and financial management, ensuring CMAs gain cutting-edge skills. After 14 years, Chhatrapati Sambhajinagar hosts the Western Regional Council meeting of the Institute of Cost Accountants of India. Over two days, 150 CMAs from five states are discussing finance, taxation, and business trends, with the event concluding on Sunday.

Caption:

Institute of Cost Accountants of India officials felicitating MP Sandipan Bhumre at the conference.