Announcement by ICAI in relation to proposed change in definition to the term 'Accountant' in proposed DTC
As
the members are aware, the Direct Taxes Code, 2013 has proposed to
widen the scope of the definition “Accountant” to include other
professionals as well. It is a fact that various provisions in the
Income-tax Act, 1961 under which chartered accountants have been given
the responsibilities to undertake audit and certification of accounts of
various entities have the emphasis on “audit” of the relevant accounts
which is the exclusive domain of Chartered Accountants.
The Council of ICAI is aware that the proposed change is a cause of major concern to the entire profession. In this regard, ICAI has through a representation to Ministry of Finance, placed on record its concern not only for the profession, but for the country as a whole since issuance of audit certificates by persons having limited knowledge of audit of accounts will not only be professionally incorrect and but will raise many concerns including causing huge revenue leakages.
A meeting in this regard was held with Mr. Rajiv Takru, Revenue Secretary and Mr. R.K.Tewari, Chairman, CBDT on 16.4.2014, wherein CA. K. Raghu, President, ICAI and CA. Manoj Fadnis, Vice President, ICAI emphasized on the fact that there is a very significant difference in the area of expertise of other professionals vis-a-vis Chartered Accountants.
Members be assured that the Council of ICAI is equally concerned and will not leave any stone unturned to save the profession and the nation.
Secretary, Direct Taxes CommitteeThe Council of ICAI is aware that the proposed change is a cause of major concern to the entire profession. In this regard, ICAI has through a representation to Ministry of Finance, placed on record its concern not only for the profession, but for the country as a whole since issuance of audit certificates by persons having limited knowledge of audit of accounts will not only be professionally incorrect and but will raise many concerns including causing huge revenue leakages.
A meeting in this regard was held with Mr. Rajiv Takru, Revenue Secretary and Mr. R.K.Tewari, Chairman, CBDT on 16.4.2014, wherein CA. K. Raghu, President, ICAI and CA. Manoj Fadnis, Vice President, ICAI emphasized on the fact that there is a very significant difference in the area of expertise of other professionals vis-a-vis Chartered Accountants.
Members be assured that the Council of ICAI is equally concerned and will not leave any stone unturned to save the profession and the nation.
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