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Direct Taxes CommitteeThe Institute of Chartered Accountants of India30th September, 2024 ICAI invites suggestions for Comprehensive Review of the Income-tax Act, 1961 The Hon'ble Finance Minister, while presenting the Union Budget 2024-25, announced that a comprehensive review of the Income-tax Act, 1961 for simplification of the language of the Act to make it concise, lucid, easy to read and understand is underway, and this will reduce disputes and litigation and also bring down the demand e
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FAQ :
The ICAI is inviting suggestions for a comprehensive review of the Income Tax Act, 1961, and for the Pre-Budget Memorandum 2025.
The main goal is to simplify the language of the Act, making it concise, lucid, and easy to understand, which is expected to reduce disputes and litigation.
Suggestions are invited for simplifying the language, mitigating litigation and providing tax certainty, and reducing compliance burden.
Suggestions for the Pre-Budget Memorandum 2025 are invited on widening the tax base, increasing tax revenue, checking tax avoidance, rationalising direct tax laws, and removing administrative difficulties.
The deadline for submitting all suggestions is 15th October 2024.
Suggestions should be submitted via the link provided on the ICAI website (appforms.icai.org/pre/index.html), indicating the relevant section/rule/form and providing a clear rationale.
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