Concerns Submitted to Union Finance Minister regarding Definition of Accountant in Income-tax Act, 1961
|Recently, the Institute of Cost Accountants of India and the Institute of Company Secretaries of India have submitted representations to the Government requesting for an amendment in the definition of term ‘Accountant’ in the Explanation to Section 288(2) of the Income-tax Act, 1961. Taking note of this development, we have submitted our detailed concerns in respect of the same to the Union Finance Minister vide separate letters. We have mentioned that the role of an “accountant” as defined under section 288 should continue to be restricted exclusively to chartered accountants in practice, who alone possess the requisite professional competence to perform the said role efficiently and effectively.