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Author: CMA RAKESH BHALLA Vice President (2022-23 ) ICMAI, Chairman Direct TAX Committee (2019-22)ICMAI , CFO & Head Procurement SMLISUZU LTD, Chairman Assocham, Chandigarh, State Convenor (Chd.)-Professional Cell BJP, Member of Advisory Council Chandigarh (UT)
Promoting Inclusivity in Taxation
India
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Chandigarh, March 17, 2025:
Rakesh Bhall emphasized the importance of recognizing Cost Accountants / Company Secretaries alongside Chartered Accountants in taxation-related assignments to promote transparency, efficiency, and healthy competition within the system.
The recent budget presented by the Government has been lauded for addressing the concerns of different segments of society, including the Middle Class, youth, and women empowerment.
However, there is a need to revisit the definition of “Accountant” in the Income Tax Bill to align with the government’s inclusive approach towards professionals in the financial domain. Important to points out that including Cost Accountants in tax-related roles would not only enhance transparency and tax compliance but also prevent monopolistic practices that can lead to inefficiencies and corruption.
The demand to modify the term “Accountant” to include Cost Accountants is supported by various merits outlined by the Institute of Cost Accountants of India (ICMAI ) .These include recommendations by the Parliamentary Committee, recognition under different statutes, the importance of Cost Accountants in areas like tax audits and financial compliance, as well as global recognition of Cost Accountants by international bodies.
Rakesh bhalla said, “I strongly feel that allowing Chartered Accountants exclusive rights over tax audits and certifications under the Income Tax Act may have adverse effects on the system. Introducing Cost Accountants into these roles would not only foster healthy competition but also benefit both the tax administration system and taxpayers, particularly Micro, Small, and Medium Enterprises (MSMEs).”
It emphasizes the need for a balanced and inclusive approach that acknowledges the expertise and contributions of professionals from different financial backgrounds. By advocating for the inclusion of Cost Accountants in the definition of “Accountant,” Bhalla aims to pave the way for a more diverse and effective taxation system in India.
In conclusion, the call for recognizing Cost Accountants in tax-related roles is not just a matter of professional inclusivity but also a step towards enhancing the overall efficiency and integrity of the taxation system in the country. It is a plea for equitable treatment and fair opportunities for all qualified professionals to contribute meaningfully to the financial landscape of India.
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