A Cost and Management Accountant specialises in navigating managerial decisions, stabilising budgets and standards, assessing operational efficiency and the effectiveness of production and service management, identifying accountability for profit variance. His responsibilities include:
designing and implementing effective management information and control systems, planning costing systems and methods, inventory control incorporating mathematical models, investment analysis, project management, internal audit, cost audit, diagnosis in the case of sick industries, fund management, pricing planning, interpreting information and data related to business activities and translating them in such a way as to guide the core management into taking the right decisions.

CMAs are committed to:
• Enrich Cost Competiveness of Indian Industries.
• Create awareness and spread knowledge of Cost and Management Accountancy.
• Improve Cost and Management Accounting Literacy.
• Impart employable skills amongst Youth to serve the Society besides meeting National requirements.
• Contribute to green and Clean Technology.
• Participate in sustainable and inclusive growth and development of the Economy

In this globalised world, organizations require professionals such as Cost Accountants (CMAs) who have specialized knowledge on business strategy and value creation. The Cost Accountant being the foundation on which the enterprises are built, the specialized education and training by the Institute make the Cost Accountant a multi-faceted professional. CMAs are driving force in all economic activities, as they are the value creator, value enabler, value preserver and value reporter.

Cost Accountants are in great demand in government sector, private sector, banking & finance sector, developmental agencies, education, training & research sector as well as in service and public utility sector. Further, in view of their specialized knowledge and training, CMAs may hold top management position in public and private sectors’ enterprises like Chairman cum Managing Directors, Managing Director, Finance Director, Financial Controller, Chief Financial Officer, Cost Controller, Marketing Manager and Chief Internal Auditor and other important positions.

Those CMAs managing their own businesses have found themselves as a Manager and as an Accountant can control and thereby flourish their businesses. There is no doubt that a Cost Accountant can attain the highest ladder of professional career

There is a sustained demand for qualified, trained and experienced cost accountants in India and abroad in different industries and Government Departments. Many members of the Institute are also engaged in providing professional and cost consultancy services and in teaching cost and management accountancy in Universities and Colleges.

Cost accountancy edges over financial accounting. Cost accounting promotes study and adoption of scientific methods to secure maximum efficiency in industrial, commercial and other spheres, as compared to financial accounting. Financial accounting mainly draws conclusions on the basis of post facto data long after the operations are put through and expenditure were incurred enabling score keeping or at best statistical analysis. Therefore, role of cost accountants go beyond a financial accountant and they help the management in regulating production operations and processes of production.

The members of the Institute are the driving force in the team of management while in employment, and as Cost Auditors, Internal Auditors, Auditors in case of VAT, Excise, SEBI, NSDL and under other statutes/ Regulatory requirements, Advisors and Consultants in practice. There are several areas of practice available for Cost Accountants, a list of which is given below:

INDEPENDENT PRACTICE:
• Cost Auditor , advising on Cost Records maintenance
• Special Audit under Customs Act, Central Excise Act, Service Tax laws, VAT laws of various
states • Certification under Central Excise, Customs, Service Tax, EXIM Policy
• Surveyor and Loss Assessor
• Recovery Consultant in Banking sector
• Advisor-Business Valuation, Financial services
• Trustee, Executor, Administrator, Arbitrator, Receiver, Appraiser, Valuer • Assignments by the Central or State Government, Court of Law, Labour Tribunals or any other statutory bodies, regulatory bodies etc.
• Stock Audit for banks
• Internal Audit and Concurrent Audit
• Insolvency professionals under Insolvency and Bankruptcy Code 2016

CONSULTANCY SERVICES:

Financial planning and Policy Determination • Cost Management Planning and Policy
• Capital Structure Planning and Policy
• Working Capital Management
• Project Reports and Feasibility Studies
• Budgeting and Budgetary control
• Supply Chain Management
• Inventory Management
• Market Research and Demand Studies
• Value Analysis
• TCM, TQM, BPR, Cost Control and Value Analysis
• Control Methods and Management Information and Reporting
• Designing Staffing as per Business Process
• Framing Employee Benefit Measures
• Management, Operational, Quality Environmental and Energy Audits
• Valuation in Business Reorganizations
• Strategic Positioning, Integration
• System Analysis and Design
• Advisor on Funds Management

CMAS IN EMPLOYMENT:
As mentioned in the beginning, the Cost Accountants are most sought in the business world. There services are deemed vital in investment planning, profit planning, project management and overall managerial decision making process. Many members of the Institute are occupying the top positions in the organizations, as Chairman & Managing Director, Managing Director, Finance Director, Financial Controller, Chief Financial Officer (CFO), Cost Controller, Marketing Manager and Chief Internal Auditor etc.

Job Opportunities For CMAs include:
• Cost Accounting, Financial Management
• Financial/Business Analyst, Systems Analysis & System Management
• Auditing, Internal Control
• Tax management
• ERP Implementation
• Process Analysis in BPO Houses
• Implementing Business Intelligence Systems
• Academia-as Faculties.

CMAs are recruited by : • Public Sector Undertakings
• Infrastructure Companies
• Public/Private Limited Companies
• Manufacturing and Service Industries
• Insurance, Electricity, Banking Companies

(1) As per Section 195, every person making a payment to Non-Residents (not being a Company), or to a Foreign Company shall deduct TDS if such sum is chargeable to Income Tax and the details are required to be furnished in Form 15CA.

(2)A person responsible for making such remittance (payment) has to submit the form 15CA, before remitting the payment. This form can be submitted both online and offline mode. In certain cases, a Certificate from Chartered Accountant in form 15CB is required before uploading the form 15CA online.

The following are the details required to file Income Tax Form 15CA.


Details of the Remitter

A) Name of the remitter
B) Address of the remitter
C) Principal place of business of the remitter
D) PAN of the remitter
E) E-Mail address and phone no. of the remitter
F) Status of the remitter (firm/company/other)


Details of the Remittee

A) Name and status of the remittee
B) Address of the remittee
C) Principal place of business of the remittee.
D) Country of the remittee (country to which the remittance is made.


Details of the Remittance

A) Country to which remittance is made.
B) Amount of remittance in Indian currency.
C) Currency in which remittance is made.
D) Nature of the remittance as per agreement (invoice copy to be asked from a client).
E) Proposed date of remittance.



Bank details of the Remitter

(A) Name of the bank of the remitter
(B) Name of the branch of the bank
(C) BSR Code of the bank

The furnishing of information for payment to Non-Residents not being a Company, or to a Foreign Company in Form 15CA has been classified into 4 parts. Depending upon the case, you will need to fill the relevant part.

PART A: Where the remittance or the aggregate of such remittance does not exceed ₹5 lakh during the F.Y.
PART B: Where remittance or the aggregate of such remittances exceed 5 lakh rupees during the FY and an order / certificate u/s 195(2) / 195(3) /197 of the Act has been obtained from the Assessing Officer.
PART C: Where the remittance or the aggregate of such remittance exceed ₹5 lakh during the FY and a certificate in Form No 15CB from an accountant has been obtained.
PART D: Where the remittance is not chargeable to tax under the Income Tax Act, 1961.

As per Rule 37BB, any person responsible for paying to a Non-Resident, not being a Company, or to a Foreign Company shall furnish such information in Form 15CA.

No, it is not mandatory to submit Form 15CB. Form 15CB is an event-based form to be filled only when the remittance amount exceeds ₹5 lakh during a financial year and you are required to furnish a certificate from an accountant defined as per Section 288.