Can A CMA Do Tax Audit ?

New DTC Bill Unveiled by Finance Minister Nirmala Sitharaman on August 21, 2024. The Direct Tax Code is set to simplify tax laws, encourage a more consistent business tax rate, and reduce legal disputes. Discussions on the DTC began in 2009, and it will replace the Income Tax Act of 1961 when implemented in the next six months.

 

With the Anticipated Introduction of the New Direct Tax Code (DTC), there's been a growing discussion around the potential inclusion of Cost and Management Accountants (CMA) as authorized Professionals for conducting Tax Audits. Currently, Chartered Accountants (CA) are the only professionals permitted to perform this function under the Income Tax Act. However, if the new bill includes these changes, it could significantly alter the Landscape of Tax Audits in India.

 

Key Points- Proposed Changes Under the New DTC: The DTC Bill may Extend TAX AUDIT POWERS to CMA, Broadening the Scope for Professionals Beyond Chartered Accountants.

 

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