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Can CMA do tax audit

11 July 2021

Hello
can any one please clarify that is there any announcement by Finance Minister that CMA are included in the accountant definition of sec 288 of income tax act 1961

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11 Replies

yasaswi gomes (My grammar is 💯 good I) (7290 Points)
Replied 11 July 2021

Yes, the circular includes cost accountants into accountants definition

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Vasudevan C P (403 Points)
Replied 11 July 2021

Could please share such circular?

2 Like

CA. Sourav Sarkar (Chartered Accountant ) (24583 Points)
Replied 12 July 2021

No I think CMA cannot conduct tax audit

divy harika manepalli (31 Points)
Replied 12 July 2021

But they are saying that they can conduct the tax audit and circular has been released

yasaswi gomes (My grammar is 💯 good I) (7290 Points)
Replied 12 July 2021

It is true, MCA can conduct tax audit. Next an mba will study indirect taxation, advanced taxation and become a full fledged auditor

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CMA Poornima Madhava (CMA) (13112 Points)
Replied 12 July 2021

Originally posted by : divy harika manepalli
	But they are saying that they can conduct the tax audit and circular has been released

Can you share the circular?

yasaswi gomes (My grammar is 💯 good I) (7290 Points)
Replied 12 July 2021

Sure: https://icmai.in/upload/Taxation/Rep_Modification_19072019.pdf

CMA Poornima Madhava (CMA) (13112 Points)
Replied 12 July 2021

This is the representation from ICMAI requesting the FM to include CMAs as accountants u/s 288. I'm referring to the circular from CBDT that has been stated above.

Balamurali Unnithan MS (STUDENT) (1631 Points)
Replied 14 July 2021

Cannot, They do Cost Audit, They can only.

CA. Sourav Sarkar (Chartered Accountant ) (24583 Points)
Replied 24 July 2021

CMA can conduct cost audit only u/s 148 of companies act

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SOHAIL ALAM (CMA FINALIST) (CMA FINALIST) (28 Points)
Replied 20 September 2024

In upcoming future (2 or 3 years) CMA's can conduct Tax Audit also.

Government is doing work in this area for inclusion of Cost Accountants in Accountant definiation or may be merger of of both Institutes (ICMAI & ICAI).