Inclusion of Cost Accountant in Definition of Accountant U/s 288(2) of IT Act, 1961

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Respected All,

With the intention of the Government to re-draft the present Income–tax Act, by way of enacting new Direct Tax Law keeping in mind tax system prevalent in various countries, international best practices, economic needs of the country, among others, the Institute of Cost Accountants of India has made an attempt to highlight that Cost Accountants with their efficiency, equity and effectiveness can surely prove to be a valuable resource and can contribute positively and progressively in various direct taxation arenas, as we have put forth in our attached representation.

This is to bring to your kind consideration, that such representations have already been put forth to your good office at different occasions previously. They are as follows for your reference:

(i) Letter ref – G:142:48:2015 dated 20th November, 2015

(ii) Letter ref – G:142:48:2016 dated 6th December, 2016

(iii) Letter ref – G:142:05:2018 dated 23rd May, 2018 along with suggestion and submissions on new Direct Tax Law

(iv) Letter ref – G:142:11:2018 dated 20th November, 2018

(v) Letter ref dated 18th July,2019

(vi) Also refer DTC ,2013 draft report

(vii) Also refer report of the High-powered expert committee on companies & MRTP acts 1978

Even High-powered expert Committee report on Companies and MRTP act 1978
recommended to Include Cost Accountants under Accountant definition, "Wherever the services of Accountants is required in Companies act or elsewhere".
And then DTC 2013 recommended to include Cost Accountants as defined under Cost and Works Accountants Act 1959.

Cost Accountants are also Recommended by the Expert GST Committee report in 2015 and 2016 to include Cost Accountants as GST Auditors.

ICMAI introduced the concept of Excise Duty on Captive consumed goods with the help of its Cost Accounting standards (CAS-4) issued by the cost Accounting standard board of ICMAI, Which helped the excise department to have collection of Revenue on these goods and Curtail malpractices.

This is high time to utilize the services of Cost Accountants who are committed to work Ethically and professionally to enhance Tax transparency,curb Tax audit Monopoly, increase Tax Payers, create an environment where Tax Payers are self motivated to file self returns and decrease litigation & curtail black money.
We also believe that, India will become 3rd Largest GDP (Nominal) by 2025 with the Inclusion of Cost Accountants in the Accountants Definition.

Thank you. 

Piyush Goyal (On behalf of CMA Fraternity)