The Institute of Cost Accountants of India (ICMAI) has requested the Union Government to include the cost accountants to appear as authorized representatives under the Income Tax Act, 1961.
Representation reads as:
“With the intention of the Government to re-draft the present Income–tax Act, by way of enacting new Direct Tax Law keeping in mind tax system prevalent in various countries, international best practices, economic needs of the country, among others, the Institute of Cost Accountants of India has made an attempt to highlight that Cost Accountants with their efficiency, equity and effectiveness can surely prove to be a valuable resource and can contribute positively and progressively in various direct taxation arenas,” .
Under Income Tax Act, 1961 Currently, a legal practitioners, Chartered Accountants, in-house accountants etc., are eligible to represent the assessees before the income tax authorities.
The Institute requested Union Government to modify of the term “Accountant” as appearing in the Explanation below sub-section (2) of section 288 of the Income Tax Act, 1961 to include the “Cost Accountants”. The Institute of Cost Accountants of India (ICMAI) is a statutory body set up under an Act of Parliament in the year 1959.
“It would be an honour for us, if you please give us an opportunity to present before you the representation in person at your convenient date and time. We are eagerly looking forward to your confirmation for a suitable date,” it said.
Read Representation here