ICMAI Submits Memorandum, Advocates Recognition of Cost Accountants
Udaipur: Member of Parliament Dr. Mannalal Rawat has formally requested Union Finance Minister Nirmala Sitharaman to include Cost Accountants under the definition of an Accountant in Section 515(3)(b) of the Income Tax Bill, 2025. The demand was raised by the Institute of Cost Accountants of India (ICMAI), prompting the MP to address the issue in a letter to the Finance Ministry.
ICMAI’s Demand for Inclusion of Cost Accountants
MP Dr. Rawat, in his letter, highlighted that the ICMAI has urged the government to recognize Cost Accountants alongside Chartered Accountants under the Income Tax Bill, 2025. The Institute of Cost Accountants of India (ICMAI), a statutory body established under the Cost and Works Accountants Act, 1959, is responsible for regulating and developing the profession of Cost and Management Accountancy in India.
ICMAI emphasized that India’s tax and compliance framework would benefit significantly from the expertise of Cost Accountants, particularly in areas related to costing, financial compliance, and tax structuring. The institute serves under the Ministry of Corporate Affairs, Government of India, and is the world’s largest cost and management accounting body, with nearly one lakh certified Cost & Management Accountants (CMAs) and over six lakh students enrolled in CMA courses.
Global Recognition & Professional Expertise
ICMAI is a founding member of various global accounting organizations, including:
✔ International Federation of Accountants (IFAC)
✔ Asia-Pacific Federation of Accountants (CAPA)
✔ South Asian Federation of Accountants (SAFA)
The institute plays a pivotal role in enhancing cost and management accounting practices and contributing to India’s economic and financial ecosystem.
Benefits of Including Cost Accountants in Income Tax Bill 2025
ICMAI has strongly recommended that Section 515(3)(b) of the Income Tax Bill, 2025 be amended to recognize Cost Accountants as part of the definition of Accountants. The inclusion would:
✔ Ensure better professional representation in taxation and compliance matters
✔ Strengthen the tax inclusion framework for businesses
✔ Enhance financial reporting and cost analysis within taxation systems
✔ Utilize Cost Accountants’ expertise in developing a structured taxation policy
According to ICMAI, the recognition of Cost Accountants would contribute to India’s long-term vision of Developed India – 2047, ensuring a more inclusive and efficient financial ecosystem.
MP Dr. Rawat Supports ICMAI’s Proposal
Acknowledging the significance of Cost Accountants in financial governance, Dr. Rawat has urged the Finance Ministry to carefully consider ICMAI’s proposal and make necessary amendments to the Income Tax Bill, 2025.
The move is expected to create a fair and balanced representation for both Chartered Accountants (CAs) and Cost Accountants (CMAs) in India’s financial framework, reinforcing a stronger and more transparent taxation system.
Bhupendra Singh Chundawat is a seasoned technology journalist with over 22 years of experience in the media industry. He specializes in covering the global technology landscape, with a deep focus on manufacturing trends and the geopolitical impact on tech companies. Currently serving as the Editor at Udaipur Kiran, his insights are shaped by decades of hands-on reporting and editorial leadership in the fast-evolving world of technology.
