CMA is a professional course conducted by The Institute of Cost Accountants of India. 

CMA's course includes many subjects like Direct Taxation, Indirect Taxation, Cost Accounting, Financial Accounting.

CMA have power of Cost Audit but threshold limit for conducting cost Audit is very high 

That is in case of Regulated sector it is 50 crore and in case of non regulated sector it is 100 crore.

Recently GST was introduced into India and CMA has been assigned with GST Audit and other powers into GST as well.

However when we come towards Income Tax there is no such power is being allotted to CMA,As per CMA curricular each and everything a CMA student study in Direct tax which is same as CA but Income Tax Audit power is not given to CMA which creates professional inequalities and it seems like more of political agenda.

As per section 44AB of Income Tax Act only Accountant will do Audit under Income Tax.

And Accountant is defined u/s 288(2) of Income tax act where it is written accountant means Chartered Accountant, this definitions needs to be amended and Cost Accountant should also be added over here.

As CMA professional have each and every knowledge which is required for conducting Income tax Audit.

Every year Government needs to extend Income tax Audit due date , If Income tax Audit is also allotted to the CMA this problem can be resolved and it will also end monopoly of one profession in the same.

CMA institute has also proven itself by conducting many seminars of GST and Income Tax for educating Members and Public at large.

It a humble request from CMA community that Income Tax Audit should be allotted to the CMAs.

Regards

CMA Akshay Sen

Member ICAI-CMA