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
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Community
- Daily E-Newsletter
- Unlimited News Access
- Profile Visitors
- Link Social Profiles
- Featured Job Posts
- Pro Badge
- Expert GST Guidance
- Unlimited Forum Replies
- Download Content in PDF
BEST VALUE
2 YEAR PLAN
3,499
(Excl. of GST ₹629)
1 YEAR PLAN
1,999
(Excl. of GST ₹359)
3 MONTHS PLAN
999
(Excl of GST ₹179)
View all CCI PRO benfits
Already a PRO member? Login here for an ad-free experience.
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The Bill aims to replace the outdated Income Tax Act of 1961 and simplify the taxation system, making it more comprehensible for businesses and individual taxpayers.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).
CAclubindia
