Institute of Company Secretaries of India (ICSI) has been advocating for the inclusion of the Company Secretary profession in the definition of “Accountant” under the proposed New Income-Tax Bill, 2025. This effort is aimed at recognizing the role of Company Secretaries in governance, compliance, and taxation. Despite ICSI’s engagement with parliamentary members and bureaucrats, the Select Committee did not accept the proposal. The committee’s reason was that the bill’s primary objective is to simplify existing provisions, and ICSI’s suggestion for a policy change was outside this scope. ICSI believes that a comprehensive review of tax laws is necessary for future-ready reforms and will continue its efforts to ensure the profession’s expertise is recognized in policymaking. The institute remains committed to advocating for its members and fostering an environment where their expertise in corporate governance and taxation is leveraged.
Institute of Company Secretaries of India
PRESS RELEASE
July 30, 2025
Chief of Bureau
ICSI reinforces the vital role of Company Secretaries’ in India’s Governance Compliance and Tax Ecosystem
The Institute of Company Secretaries of India (ICSI) is committed to the growth & professional development of its members. In pursuit of this, the ICSI is continuously advocating for the recognition of the Company Secretary profession within the definition of “Accountant” under the Income-Tax Bill, 2025.
In the process, the ICSI actively engaged with various members of the Select Committee and elected representatives of the Hon’ble Parliament and Bureaucrats to foster discussions on the significant role of Company Secretaries in enhancing transparency and accountability in taxation practices, highlighting their knowledge and skills in accounting and financial reporting.
However, the Hon’ble 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 is in the nature of policy change which is beyond the scope of the objectives of the Income Tax Bill, 2025.
The ICSI strongly feels that to realize 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.
The ICSI 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 policymaking processes.
With this spirit and a firm belief, the ICSI will remain dedicated towards high-level engagements and march forward in creating an environment where the expertise of Company Secretaries is acknowledged and leveraged for the benefit of the broader corporate community and for the overall development of Corporate Governance in India.
Ms. Preeti Kaushik Banerjee
Joint Secretary
The Institute of Company Secretaries of India (ICSI)
Tel: 011-4534 1022
Email: preeti.banerjee@icsi.edu
If the Company Secretaries are to be termed as ACCOUNTANTS then who will be the COMPANY SECRATARIES?