The feedback from the Institute of Firm Secretaries of India (ICSI), arrange beneath an Act of Parliament, come in opposition to the backdrop of the Parliamentary Choose Committee not contemplating the physique's submission to be included within the definition of ‘accountant' within the Earnings Tax Invoice.
In a press release, ICSI mentioned it'll proceed to advocate recognition of the corporate secretary career inside the definition of ‘accountant', and be certain that the roles and alternatives for firm secretaries are successfully integrated into policy-making processes.
To understand the imaginative and prescient of Viksit Bharat, there's a want for a holistic coverage assessment and the federal government ought to undertake a complete overhaul of taxation Legal guidelines, with a transparent deal with inclusive and future-ready reforms, it famous.
The Earnings Tax Invoice, 2025, was launched in Parliament on February 13 and was referred to the committee, which submitted its report on July 21.
“The Choose Committee, whereas presenting its report earlier than the Lok Sabha, didn't contemplate the career of firm secretary inside the definition of ‘accountant', citing causes that the Earnings Tax Invoice, 2025, has been drafted holding in view the mandate of simplification of provisions of the Earnings-tax Act, 1961. “The submissions made by the ICSI are within the nature of coverage change, which is past the scope of goals of the Earnings Tax Invoice, 2025,” the assertion mentioned.
