Date:22/09/2005 URL: http://www.thehindubusinessline.com/2005/09/22/stories/2005092201800300.htm

Back ICWAI backs changes in I-T Act

Our Bureau

Kolkata , Sept. 21

THE Institute of Cost and Works Accountants of India (ICWAI) is relying on the proposed overhaul of the Income- Tax Act by the Government for changing the definition of an `accountant.'

The institute stated that the Finance Ministry is set to change the income-tax norms. This move has been welcomed by ICWAI members, as it would present a good opportunity for costing professionals to present their case before the authorities.

"We have been participating in major changes that are happening on the legislative front," a senior ICWAI member observed. He added that the institute needed to focus on income-tax and simultaneously come out with constructive suggestions.

To start with, two of the modifications in the Income-Tax Act may relate to a change in definition and a revision in the limits of tax audit.

These limits have generally lost their relevance in view of the rapid economic developments. There is a strong case for an upward revision.