The Institute of Company Secretaries of India (ICSI) has reaffirmed its commitment to advocating the recognition of Company Secretaries (CS) as part of India’s financial and tax governance ecosystem. In a strong push for reform, the ICSI has reiterated its appeal for including the CS profession within the ambit of “Accountant” as defined under the upcoming Income-Tax Bill, 2025.
In its sustained engagement efforts, ICSI has been actively collaborating with members of the Hon’ble Parliament, bureaucrats, and the Select Committee responsible for reviewing the new Income-Tax Bill. The Institute has highlighted the significant role Company Secretaries play in ensuring transparency, accountability, and good governance in financial reporting and tax compliance.
Despite these efforts, the Select Committee, in its report presented before the Lok Sabha, declined to accept the inclusion of Company Secretaries in the “Accountant” definition. The Committee cited the rationale that the Income Tax Bill, 2025 is focused on simplifying existing tax provisions under the Income-tax Act, 1961, and that ICSI’s submission amounted to a policy shift—deemed outside the bill’s current legislative intent.
In response, ICSI expressed disappointment but remained undeterred. It emphasized that the role of Company Secretaries is no longer limited to corporate secretarial work but has expanded significantly into compliance, risk management, and financial oversight. The Institute asserted that to achieve the national goal of “Viksit Bharat,” the country must adopt a forward-thinking approach to tax and governance reforms.
“We strongly feel there is a need for a comprehensive overhaul of taxation laws, with a focus on inclusivity and future-ready policies. The contribution of Company Secretaries must be recognized in national legislation, particularly in laws that shape the compliance and reporting landscape of businesses,” the ICSI stated.
The Institute further reaffirmed that it will continue its high-level policy advocacy and outreach to ensure that Company Secretaries are granted rightful recognition under statutory frameworks. ICSI underscored that CS professionals possess in-depth knowledge of accounting, financial law, and regulatory frameworks, making them well-suited to contribute meaningfully in tax administration and financial governance.
About ICSI
The Institute of Company Secretaries of India (ICSI) is a premier national professional body constituted under the Company Secretaries Act, 1980. It functions under the jurisdiction of the Ministry of Corporate Affairs, Government of India, and is responsible for the development and regulation of the Company Secretary profession across the country. With over 77,000 members and approximately 2.5 lakh students, ICSI plays a pivotal role in promoting corporate governance and compliance standards in India’s evolving economic landscape.
The Institute remains dedicated to empowering its members, enhancing their professional opportunities, and ensuring their role is adequately recognized in the legal and policy ecosystem of the country.
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