Quick Summary
In the Pre-budget Meeting for Union 2026-27, ICAI presented its Pre-budget Suggestions advocating prudent tax reforms aimed at facilitating ease of doing business and encouraging environmental sustainability. Towards these objectives, ICAI has,inter alia, suggested that tax neutral status be extended to business reorganisation in LLPs, TDS on partners remuneration be rationalised and incentives be given for promoting green projects. ICAI's Pre-budget Suggestions on direct taxes and internation
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FAQ :
The main focus is on prudent tax reforms aimed at facilitating ease of doing business and encouraging environmental sustainability.
ICAI has suggested that tax-neutral status be extended to business reorganisation in LLPs.
ICAI suggests decriminalising certain prosecution provisions, removing dual penalties for the same default, and limiting return processing to arithmetical errors.
Suggestions include introducing a year-wise E-Ledger system for tax payments and exempting transferees from TAN requirements when paying non-residents.
ICAI suggests excluding F&O trading and speculation from presumptive income, introducing optional joint taxation for married couples, and requiring audits for profit-linked deductions.
ICAI suggests an increase in the surcharge threshold and provisions for deductions for medical insurance premiums and expenses for dependent disabled individuals.
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