Cost Accountants To Get CA Like Privileges? ICMAI Seeks Authorisation To Represent Assesses Before IT Dept

The Institute of Cost Accountants of India (ICMAI) has requested the Central government to allow cost accountants to appear as official representatives of assesses under the Income Tax act, Tax Scan has reported.

As per a representation created by ICMAI, the institute requested a modification in the term “accountant” in sub-section (2) of the Income Tax Act’s section 288 to include cost accountants.

Currently only chartered accountants, legal practitioners and in-house accountants are eligible to represent assesses before the income tax department.

ICMAI states that with the government planning to re-draft the present the current income-tax act to modernise direct taxation norms, it should also take into consideration the potential contribution of cost accountants in various direct taxation areas.

ICMAI is soon expected to present this representation before the government.