Company secretaries’ apex body ICSI on Thursday continued to pitch for recognising its members as accountants and urged the government to undertake a comprehensive overhaul of taxation laws.
The comments from the Institute of Company Secretaries of India (ICSI), set up under an Act of Parliament, come against the backdrop of the Parliamentary Select Committee not considering the body’s submission to be included in the definition of ‘accountant’ in the Income Tax Bill.
In a statement, ICSI said it will continue to advocate recognition of the company secretary profession within the definition of ‘accountant’, and ensure that the roles and opportunities for company secretaries are effectively incorporated into policy-making processes.
To realise the vision of Viksit Bharat, there is a need for a holistic policy review and the government should undertake a comprehensive overhaul of taxation Laws, with a clear focus on inclusive and future-ready reforms, it noted.
The Income Tax Bill, 2025, was introduced in Parliament on February 13 and was referred to the committee, which submitted its report on July 21.
“The Select Committee, while presenting its report before the Lok Sabha, did not consider the profession of company secretary within the definition of ‘accountant’, citing reasons that the Income Tax Bill, 2025, has been drafted keeping in view the mandate of simplification of provisions of the Income-tax Act, 1961.
“The submissions made by the ICSI are in the nature of policy change, which is beyond the scope of objectives of the Income Tax Bill, 2025,” the statement said.
Source #ET
