This article is written under the reference of ICSI Requests inclusion of CS in Definition of “Accountant” published in “Taxguru.in” on 7th August, 2019.
The well recognized bodies like ICAI, ICMAI, ICSI, Etc., are well constituted with their own laws, rules, regulations, guidelines, and professional ethics for deliverance of the professional services by their certified members. Prime among those things is confining to the particular profession alone in which those professional bodies have issued the certificate to practice. This means, a person possessing a certificate to practice in particular field of expertise, must confine to his professional boundaries as pre-fixed by the certifying professional body, and must not involve or take up any other activity. Despite this norm, many practicing CAs are longing for doing M.Phil., and Ph.D., for creating other sources & resources, for the reasons best known to them only.
Therefore, some UGC Recognized Universities in North-India have recognized the ‘CA Qualification‘ as equivalent to their B.Com., Degree of those Universities, for the purpose of Admission into their M.Com., Course. Some UGC Recognized Universities in South-India have recognized the “CA Qualification” as equivalent to their M.Com., Degree for the purpose of Admission into M.Phil., or Ph.D., Courses.
It is a fact that any recognition of equivalency of any educational qualification of different institutions must be mostly on the Reciprocal Basis only.
If the “CA Qualification” is recognized by any Indian University, then in turn, the ICAI has to recognize the respective University’s B.Com., or M.Com., (as applicable) as equivalent to ICAI’s “CA Qualification”. The mystery is that the ICAI has not given any reciprocal equivalency recognition to any University Degrees, but the Universities are voluntarily recognizing the “CA Qualification” on par with their Degrees or Masters Degrees.
How far it is correct?
In the light of the above information/fact, at least, the holders of the “Masters Degree in Commerce” should also be eligible to come under the definition of “Accountant“ laid under the provision of explanation to Section 288(2) of the Income ‘lax Act. 1961.
SYEDA KHADERBI, M.A., M.Com., [LL.B.],