The Business Bytes
THEBUSINESSBYTES BUREAU
KOLKATA, FEBRUARY 17, 2025
The Institute of Company Secretaries of India (ICSI) has welcomed the proposed Income Tax Bill 2025, recognizing it as a significant step toward modernizing India’s tax framework. The bill aims to streamline tax compliance, enhance transparency, and improve tax administration. However, the ICSI has urged the government to expand the definition of “Accountant” under Section 515(3)(b) of the Bill to include Company Secretaries, highlighting their critical role in financial compliance.
The ICSI views the exclusion of Company Secretaries as a missed opportunity to utilize their expertise, especially as India progresses towards becoming a USD 5 trillion economy by 2027 and a developed nation by 2047. The institute has reiterated previous recommendations advocating for this inclusion, citing the 49th Report of the Parliamentary Standing Committee on Finance (2012) on the Direct Tax Code 2010, the Direct Tax Code 2013, and the 122nd Report of the Parliamentary Standing Committee on Commerce (2015), all of which supported expanding the definition of “Accountant” to recognize Company Secretaries.
CS Dhananjay Shukla, President of ICSI, underscored the importance of this recognition, stating, “Company Secretaries possess deep expertise in Direct and Indirect Tax laws, ensuring a broader pool of qualified professionals for efficient and timely compliance.” He emphasized that their inclusion would strengthen the country’s tax compliance framework and align with global best practices.
The ICSI remains steadfast in its advocacy for this reform and anticipates a favorable response from the government. The institute believes that recognizing Company Secretaries within the taxation framework will contribute significantly to the ease of doing business and the overall economic growth of the nation.
