ICSI, ICMAI demand expansion of accountant's definition in I-T Bill
New Delhi, Feb 17, 2025
Institute of Company Secretaries of India (ICSI) and the Institute of Cost Accountants of India (ICMAI), both set up under Acts of Parliament, have demanded that their members be treated as accountant
auditing
Apex bodies of company secretaries and cost accountants have urged the government to include these professionals under the definition of 'accountant' in the Income Tax Bill, 2025.
The Institute of Company Secretaries of India (ICSI) and the Institute of Cost Accountants of India (ICMAI), both set up under Acts of Parliament, have demanded that their members be treated as accountant in the bill. They come under the corporate affairs ministry.
ICSI has around 75,000 members while ICMAI has about 1 lakh members.
In a release on Monday, ICSI said that company secretaries should be included in the definition of 'accountant' as outlined in Section 515(3)(b) of the bill.
"The omission is seen as a missed opportunity in recognising company secretary's vital role in the financial and compliance landscape of the country," the release said.
According to the institute, it remains committed to advocating for the recognition of company secretaries as integral professionals in the taxation system and looks forward to a positive response from the government in this regard.
ICSI President Dhananjay Shukla said that to cater to this need for a large pool of qualified professionals who can ensure compliance with tax regulations, it is imperative that company secretaries be included in the definition of 'accountant' in the bill.
In a message on ICMAI website, its president Bibhuti Bhusan Nayak said the institute's council is fully seized of the issue.
"This is contrary to the assurance given to us that a level-playing field will be provided to all professionals.
"Your council is in touch with policy makers and a road map will be shared with you for your valuable inputs," he said in the message.
Nayak also assured the members that the institute will not leave any stone unturned to "represent our profession strongly and push for our legitimate position in the statute".
There was no immediate comment from the finance ministry on the two institute's demands.
The bill, which seeks to achieve tax certainty by minimising the scope of litigation and fresh interpretation, was introduced in the Lok Sabha last week and was referred to a 31-member select committee.
The panel is mandated to submit its report by the first day of the Monsoon Session of the Parliament. The ongoing Budget Session will conclude on April 4 and the Monsoon session may commence in the third week of July.
[Press Trust of India]
