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Dear Professional Colleagues, As the couplet so beautifully reminds us "Guru Gobind dou khade, kake laagu paye, Balihaari guru aapne, Gobind diyo bataye". This Institute is my guru, my guiding light, my alma mater and I feel deeply blessed to be entrusted with its leadership. I humbly assume the baton of leadership as the 73rd President of this esteemed Institute, embracing the profound honour and responsibility it entails. In this journey, I place my faith in the Almighty, seeking strength and
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FAQ :
The Union Budget 2025 has considered ICAI's suggestions for tax exemption on National Savings Scheme (NSS) withdrawals, revised taxation of long-term capital gains, and an increased TDS threshold under section 194J.
The budget incorporates ICAI's recommendations for simplifying tax laws by introducing a simplified regime for small charitable trusts and institutions, and by rationalising the charitable trust registration and taxation regime.
ICAI's advocacy has led to consideration for an increase in the TDS threshold under section 194J and the removal of TCS under section 206C(1H) in the Union Budget 2025.
Yes, ICAI's detailed inputs for a comprehensive review of the Income-tax Act, 1961, including suggestions for elimination of sections and rationalisation of regimes, have been considered for the Income-Tax Bill, 2025.
Other acknowledged suggestions include the reconsideration of the 'specified employee' salary threshold for perquisite taxation and the introduction of a 25% tax slab under the default tax regime.
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