The Institute of Cost Accountants of India offers a professional CMA course. Numerous topics, including direct taxation, indirect taxation, cost accounting, and financial accounting, are covered in the CMA course. Although CMA has the authority to undertake cost audits, the bar is extremely high. That is, the amount is 50 crore for the regulated sector and 100 crore for the unregulated sector. India recently implemented the GST, and the CMA has been given additional GST-related responsibilities in addition to the GST Audit. However, when it comes to income tax, the CMA is not given this authority. According to the CMA curriculum, every single subject that a student studies in direct tax is the same as what a CA student studies, but the CMA is not given the authority to audit income tax, which creates professional disparities and appears to be driven more by political agenda. According to Section 44AB of the Income Tax Act, only Accountants may conduct Income Tax Audits. The term "accountant" is defined in Section 288(2) of the Income Tax Act to mean a Chartered Accountant. This definition has to be changed to include Cost Accountants as well. The Institute of Cost Accountants of India offers a well-regarded CMA course.
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