Family sources told UNI,/i> that his end came at 1330 hrs (IST) at a private hospital where he was admitted in the wee hours of yesterday.
He was 73 and is survived by his wife and three daughters.
The body would be cremated this evening.
Mr Khumbat, who underwent a bypass surgery a couple of years ago, had served as Honorary Secretary of TNCA for about seven years.
A widely renowned person in Charterted Accountant fraternity, Mr Khumbat had served in several chambers of commerce in various capacities.
He had served as President of Hindustan Chamber of Commerce, Institute of Chartered Accountant of India and All India Tax Payers Association.
He was the present President of the Madras United Club and South India Athletic Association.
Khumbat's death condoled: Andhra Cricket Association(ACC) today condoled the death of Ashok Kumbhat.
In a release here at Vijaywada ACA General Secretary N Venkata Rao said, Khumbat's death is a loss to the cricket loving people of not only of Tamil Nadu but also of entire cricketing fraternity in the country, as he served the game with his vast acumen and experience in administration.
Mr Kumbhat in association with A C Muthiah, former President of TNCA, helped the association grow from strength to strength, the release added.