Charanjot Singh Nanda, President of the Institute of Chartered Accountants of India (ICAI), said in view of the demand for the inclusion of cost accountant and company secretary in the definition of Accountant in the Income Tax Bill that the tax audit is actually the field of character characteristics (CA) Is.
Nanda said that this issue can also be raised before the Coordination Committee of the Ministry of Corporate Affairs. Apart from ICAI, the committee also includes the Institute of Company Secretaries of India (ICSI) and the Institute of Cost Accountants of India (ICMAI). He said, 'We are keen to establish better relations with our allies.
Audit work can only be done by CA… We will always emphasize that the audit is a field of expertise. It was said that the absence of this is seen as a lapse in recognizing the important role of the company secretary in the financial and compliance scenario of the country.
39 members of ICAI regional offices have studied the new Income Tax Bill. Now these members will give recommendations to the five -member committee of the institute. The final recommendation on the ICAI Bill is expected to be submitted before the selection committee and the Central Board of Direct Taxes before March 10.
First Published – February 19, 2025 | 11:57 PM IST
