ICAI flags concerns over DTCs definition of accountant

Written by PTI | Updated: Apr 21 2014, 05:07am hrs
Raising serious concerns over the proposal to widen the definition of 'accountant' in the Direct Taxes Code, ICAI has told finance ministry that the proposed change could result in huge revenue leakages for exchequer.

ICAI, the apex grouping of chartered accountants, has contended that expanding the definition would result in individuals with "limited knowledge" issuing requisite certificates.

Such a scenario would lead to huge revenue leakages, the body said during a recent meeting with senior finance ministry officials.

Representatives from the Institute of Chartered Accountants of India (ICAI) met revenue secretary Rajiv Takru last week and said that the proposed change is a cause of major concern to the entire profession, the institute said.