Cost and Management Accountants (CMAs) Call for Inclusion in Income Tax Act Definition
Cost and Management Accountants (CMAs) Push for Inclusion in Income Tax Act
Chhatrapati Sambhajinagar – Cost and Management Accountants (CMAs) are making a strong case for being included in the definition of ‘Accountant’ under the Income Tax Act. The CMAs have urged union Finance Minister Nirmala Sitharaman to consider their request, allowing them to conduct tax audits.
The demand was brought forward during the inauguration of the Western India Regional Council of the Cost and Management Accountants Association, where MP Sandipan Bhumre and Guardian Minister Sanjay Shirsat were in attendance. Dr Ashish Thatte, a member of the National Executive Committee, highlighted the importance of CMAs in the industrial sector and emphasized the similarities between the syllabus of Chartered Accountants (CAs) and Cost Accountants.
Dr Thatte pointed out that CMAs are already authorized to conduct VAT audits in several states, showcasing their expertise in tax management. With specialized courses in direct taxes and auditing, CMAs are well-equipped to handle tax systems efficiently.
In a bid to stay ahead of the curve, the Institute of Cost Accountants of India is integrating Artificial Intelligence (AI) into its curriculum. National executive committee member Neeraj Joshi stressed the growing role of AI in taxation and financial management, ensuring that CMAs are equipped with cutting-edge skills.
The Western Regional Council meeting of the Institute of Cost Accountants of India, hosted in Chhatrapati Sambhajinagar after 14 years, has brought together 150 CMAs from five states. Discussions on finance, taxation, and business trends are taking place over two days, with the event set to conclude on Sunday.
The push for inclusion in the Income Tax Act marks a significant step for CMAs, who play a crucial role in the financial landscape. As they continue to evolve and adapt to the changing industry dynamics, their demand for recognition is gaining momentum.
