They have been elected for the 2016-17 period.
In a release, ICAI said Thakur and Gupta have been elected as President and Vice President, respectively.
Thakur was earlier the institute's Vice President. Gupta has been the chairman of WTO and International Affairs Committee of institute since 2011.
ICAI, the apex body for cost accountants, has around 5 lakh students and 69,000 members.