Income Tax Bill: ICMAI & ICSI Heard by Lok Sabha Select Committee Today, NFRA & MCA to Depose Tomorrow
In response to persistent representations from these institutes, the Lok Sabha Committee allotted two separate days that is April 16 and 17, 2025 for hearing from the stakeholders
The Lok Sabha Select Committee examining the Income Tax Bill, 2025, today heard oral submissions from the Institute of Cost Accountants of India (ICMAI) and the Institute of Company Secretaries of India (ICSI). The hearings were scheduled following concerns raised by both professional bodies over certain provisions of the proposed legislation. The Income Tax Bill, introduced by the...
The Lok Sabha Select Committee examining the Income Tax Bill, 2025, today heard oral submissions from the Institute of Cost Accountants of India (ICMAI) and the Institute of Company Secretaries of India (ICSI). The hearings were scheduled following concerns raised by both professional bodies over certain provisions of the proposed legislation.
The Income Tax Bill, introduced by the Ministry of Finance and tabled in the Lok Sabha on February 13, 2025, has stirred debate, particularly over the definition of the term ‘Accountant’ under Section 515(3)(b).
The Future of Taxation is Here – Unravel the Income Tax Bill 2025! Click Here
ICMAI has expressed dissatisfaction with the current definition and has advocated for the explicit inclusion of Cost Accountants. The ICSI has echoed similar concerns, seeking recognition of Company Secretaries under the relevant provisions.
In response to persistent representations from these institutes, the Lok Sabha Committee allotted two separate days that is April 16 and 17, 2025 for hearing from the stakeholders. On April 16, the Committee heard the oral evidence of ICMAI and ICSI. Tomorrow, on April 17, it is scheduled to hear from the Ministry of Corporate Affairs (MCA), the National Financial Reporting Authority (NFRA), and representatives from NASSCOM.
The Future of Taxation is Here – Unravel the Income Tax Bill 2025! Click Here
In February, the ICMAI issued a strong advisory to its members, cautioning them against engaging in any unauthorized activities related to lobbying for inclusion under the new definition. The institute has also constituted a seven-member task force to closely examine the implications of the Income Tax Bill and draft its recommendations.
To Read the full text of the Order CLICK HERE
Support our journalism by subscribing to Taxscan premium. Follow us on Telegram for quick updates
