Will CS and CMA Be Allowed for Income Tax Audits? Lok Sabha’s Select Committee Engages EY to Review and Submit Its Report

The Lok Sabha’s Select Committee has engaged EY to review the curriculum of CS, CMA, and CA professionals to assess whether CS and CMA should be allowed to conduct income tax audits, a role currently limited to CAs. This move comes as CS and CMA professionals push for their inclusion under the Income Tax Bill, 2025. While the Institute of Cost and Management Accountants of India (ICMAI) supports their recognition, citing their expertise in taxation and auditing, the Institute of Chartered Accountants of India (ICAI) opposes it, arguing that tax audits require specialized knowledge that only CAs possess. The final decision will be based on EY’s findings, which could significantly impact India’s tax audit regulations.

Click Here To Read The Full Story