Can a CMA do income tax audit?
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Can a CMA do income tax audit?
CA, CMA and CS are the three accounting profession recognized by the Government of India, and were created through an act of the Parliament. Only a Chartered Accountant can be appointed as Statutory Auditor or a Tax Auditor.
Who can perform tax audit?
Who conducts a tax audit? A chartered accountant or a firm of CAs conduct this audit. However, the tax audit limit rests at 60 audits per CA. In case of a firm, the tax audit limit is applicable to each of the firm’s partners.
What is CMA in income tax?
CMA Biswarup Basu, President, Institute of Cost Accountants of India The Institute of Cost Accountants of India has been asking the government to include cost management accountants, or CMAs, in the definition of ‘accountants’ under the existing Income Tax regulation, but to no avail so far.
Who Cannot be appointed as tax auditor?
The audit of accounts of a professional firm of Chartered Accountants cannot be performed by any partner or employee belonging to such firm. An internal auditor of the assessee cannot be appointed as a tax auditor. An auditor cannot accept more than 45 tax audit assignments in a particular financial year.
Who can not be a tax auditor?
The Council in its 281st meeting held from 3rd to 5th October, 2008 decided that an internal auditor of an assessee, whether working with the organization or an independently practicing Chartered Accountant being an individual chartered accountants or a firm of chartered accountants, could not be appointed as his tax …
Is CMA is a gazetted officer?
If you are talking of Chartered Accountants, NO. Originally Answered: Is a CA a gazetted officer? No;CA is a degree while gazetted officers are either state or central govt. servants.
Can a CA do cost audit?
Who can be a Cost Auditor? Only a Cost Accountant can be appointed as Cost Auditor for conducting cost audit. Here as per my interpretation, only a Chartered Accountant can be appointed as Statutory Auditor of the company, he cannot be cost auditor of same company even though he is cost accountant also.