The Income Tax Bill 2025 has triggered a major debate over the definition of ‘accountant’, currently restricted to Chartered Accountants (CAs) for tax audits. The Institute of Cost Accountants of India (ICMAI) and the Institute of Company Secretaries of India (ICSI) are pushing for the inclusion of Cost and Management Accountants (CMAs) and Company Secretaries (CSs), citing their expertise in taxation and compliance. However, the Institute of Chartered Accountants of India (ICAI) strongly opposes this, arguing that tax audits require the specialized training of CAs. The Lok Sabha’s Select Committee is now reviewing the issue, with its decision set to impact professional competition, tax compliance, and the broader financial sector in India.
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