Quick Summary
The Institute of Chartered Accountants of India (ICAI) has submitted its recommendations to the Lok Sabha select committee currently reviewing the Income Tax Bill, 2025. The key proposals include streamlining the legislation by reducing the number of sections and enhancing clarity in legal language to minimize litigation. ICAI Advocates for Fewer Sections and Better Clarity ICAI has urged the committee to reduce the total number of sections in the proposed Bill from 536 to approximately 436. T
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FAQ :
ICAI's main recommendation is to simplify the Bill by reducing the number of sections and enhancing the clarity of the legal language.
ICAI has recommended reducing the number of sections from 536 to approximately 436.
ICAI believes a reduction in sections will help simplify the law, preventing complexity and aiming for a more taxpayer-friendly framework, unlike the current Act which has 819 sections.
A 31-member select committee, chaired by BJP MP Baijayant Jay Panda, is examining the recommendations.
The Bill aims to replace the outdated Income Tax Act of 1961 and simplify the taxation system, making it more comprehensible for businesses and individual taxpayers.
The select committee is also assessing inputs from global consulting firm EY and industry bodies like the Confederation of Indian Industry (CII) and the Federation of Indian Chambers of Commerce & Industry (FICCI).
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