ICSI pitches for considering company secretaries as accountants in taxation laws
The comments from the Institute of Company Secretaries of India (ICSI), set up under an Act of Parliament, come against the backdrop of the Parliamentary Select Committee not considering the body's submission to be included in the definition of 'accountant' in the Income Tax Bill.
In a statement, ICSI said it 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 policy-making processes.
To realise 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, it noted.
The Income Tax Bill, 2025, was introduced in Parliament on February 13 and was referred to the committee, which submitted its report on July 21.
'The 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 are in the nature of policy change, which is beyond the scope of objectives of the Income Tax Bill, 2025," the statement said. PTI RAM DR DR
view comments
First Published:
July 31, 2025, 14:00 IST
Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
News18
2 hours ago
- News18
Karnataka HC Pushes State Govt To Act On Bike Taxi Ban, Citing Livelihood And Precedent
Last Updated: The High Court acknowledged the gravity of the situation, recognising that the ban has a direct impact on the earnings and sustenance of the operators In a major development that can bring back bike taxis on Bengaluru roads, the Karnataka High Court has issued a firm directive to the state government, urging it to decide its stance on formulating rules for these conveyances within four weeks. The court's action comes in response to a petition filed by bike taxi operators who are challenging the government's complete prohibition on their services. This legal battle highlights the growing tension between traditional transport regulations and the evolving gig economy, with the livelihoods of thousands of drivers hanging in the balance. During the hearing, the legal representatives for the bike taxi operators presented a compelling case against the ban. They underscored that a majority of Indian states—specifically, 13 of them—have already successfully formulated and implemented a policy framework for bike taxis. This fact, they argued, makes Karnataka's decision to enforce a blanket ban an outlier and an unjustified measure. The operators also pointed to the unique operational benefits of their services, noting that two-wheelers can easily navigate congested urban areas and reach locations inaccessible to cars and auto-rickshaws, thereby offering a crucial last-mile connectivity solution that doesn't significantly worsen traffic. The High Court acknowledged the gravity of the situation, recognising that the ban has a direct impact on the earnings and sustenance of the operators. Granting the government a period of four weeks to craft a clear policy, the court emphasised that a decision must be made, as 'there are lives at stake". In response, the state's advocate general, Shashikiran Shetty, assured the court that the government would comply with the directive and provide its official position within the given timeframe. The High Court has set a firm deadline of September 22 for the government to present its official stance. This directive marks a significant moment in the struggle for the formal recognition of bike taxis in Karnataka. It places the onus squarely on the government to either justify its complete ban or follow the lead of other states and create a regulatory framework. The outcome of this decision will not only impact the future of ride-sharing in the state but will also serve as a precedent for how governments approach the regulation of innovative, app-based services that are reshaping urban mobility and employment. view comments First Published: August 21, 2025, 04:46 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy. Loading comments...
News18
2 hours ago
- News18
Karnataka Assembly Passes Crowd Control Bill 2 Months After Chinnaswamy Stadium Stampede
Last Updated: Key provisions of the bill include a strong emphasis on accountability and safety, mandating several requirements for event organisers In a significant legislative move, the Karnataka assembly has passed the 2025 Crowd Control Bill. The new law comes two months after the stampede at the Chinnaswamy Stadium on June 4 during an event to celebrate the Royal Challengers Bengaluru (RCB) winning the Indian Premier League (IPL). The incident that killed 11 people and injured many others prompted the government to establish a robust legal framework for public gatherings. The bill was introduced by state home minister Dr G Parameshwara and has been cleared by the assembly. Key provisions of the bill include a strong emphasis on accountability and safety, mandating several requirements for event organisers. Mandatory Event Details and Safety Measures Event organisers are now required to submit a comprehensive application for an event permit. This application must include detailed information on the purpose of the event, the anticipated crowd size, clear outline of the safety measures and protocols that will be implemented to ensure the crowd's well-being and prevent any mishaps. The new law gives district magistrates the authority to postpone, cancel, or change the venue of an event if there's a risk of public unrest or breach of peace. The bill also includes stringent penalties for violations. Organisers who fail to comply with the law may face imprisonment for up to three years and fines up to Rs 5 lakh. In cases of injury or death due to negligence, the organiser is liable to pay compensation. The passing of this bill is seen as a crucial step by the Karnataka government to prevent future tragedies and ensure the safety of citizens at large-scale events. view comments First Published: August 21, 2025, 04:26 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy. Loading comments...
Time of India
2 hours ago
- Time of India
Govt asks depts to prepare plan for Viksit UP 2047
1 2 Lucknow: The plan for Viksit UP-2047, which coincides with the idea of Viksit Bharat by the centenary year of India's independence, has gathered momentum after Chief Minister Yogi Adityanath shared a detailed proposal in the monsoon session of the UP Assembly last week. All departments have been directed to frame their plan of action, and a vision document will be prepared within the next 4-6 months. The plan will focus on 12 sectors, each encompassing various departments. Short-term goals, looking at developments within the next five years, and medium and long-term goals have been identified, and the planning department has been deputed to lead implementation and ensure coordination among CM had said in the Assembly that UP was already on the path of becoming a USD 1 trillion economy by 2029-30, for which it had set a target of a growth rate of over 20% in the next five years. "By 2047, when India would be a USD 30 trillion economy, UP should be the largest contributor to India's progress with an economy of USD 6 trillion," the CM had govt will also seek suggestions from the public and will organise campaigns through various media platforms to solicit proposals. A senior official said that the development of UP would focus on social, cultural, and economic growth of the state in the next 22 years. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 11 Foods That Help In Healing Knee Pain Naturally Undo To achieve this goal, the state should be leading in productivity and other parameters within the country by 2030, and in the world by 2047. "The mission of Viksit Bharat-2047, as outlined by the CM in the Assembly, is to ensure comprehensive development in the state by providing every citizen with housing, water, electricity, education, and health," an official said. The state will aim to lead in economic development by gaining a competitive edge in industry, agriculture, and services, becoming the growth engine of India. With a strong focus on religious and cultural development, the govt will work towards a 'Renaissance of Cultural Heritage'. The CM had said in the Assembly that UP govt would work on Prime Minister Narendra Modi's '5T mantra' of trade, tourism, technology, tradition, and talent, for which the govt was in the process of preparing short-term, mid-term, and long-term action plans. Long-term plans laid out by the govt include achievement of an average growth rate of 15% by 2047 so that UP can contribute up to 20% to the country's GDP. By this time, the per capita income of UP should exceed the national average, reaching 26 lakh annually. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.
