Definition of 'Accountant' restricts tax audit rights; challenge may prompt inclusion of CS and CMA in audit regime
Section 515(3)(b) of the draft Income Tax Bill, 2025 defines Accountant in a manner that effectively reserves statutory tax-audit authority to Chartered Accountants, prompting Company Secretaries and Cost Accountants to contest exclusion. CAs rely on comprehensive accounting, auditing and taxation curricula and mandatory articleship experience to justify exclusivity; CSs point to limited accounting focus in their training, while CMAs cite substantive taxation and accounting syllabi plus practical exposure (cost and GST audits) as grounds for eligibility. The article advocates measured reforms, expanded audit and tribunal roles, and reciprocal professional accountability. (AI Summary)