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ICAI seeks tax incentives for entities engaged in Green Projects and Skill Development. Separate provision for deduction of expenses relating to education of girl child and Mediclaim premium. The Institute of Chartered Accountants of India (ICAI) presented its Pre-Budget Memorandum 2024 to the Central Board of Direct Taxes (CBDT). The comprehensive document encapsulates a spectrum of recommendations aimed at fostering economic growth, encouraging environmental sustainability, and enhan
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FAQ :
The ICAI's main objective is to recommend tax reforms aimed at fostering economic growth, encouraging environmental sustainability, and enhancing social welfare.
ICAI is seeking tax incentives for entities engaged in green projects and proposes exempting or offering concessional tax rates on interest income for subscribers of green bonds.
Yes, ICAI has suggested a separate provision for deducting expenses related to the education of a girl child and for Mediclaim premiums.
Key suggestions for personal taxation include a deduction for Mediclaim premiums, regular enhancement of standard deduction, and the option of joint taxation for married couples.
For business taxation, ICAI suggests aligning tax audit provisions with presumptive income, simplifying the presumptive income regime, and increasing the threshold for partner remuneration.
Yes, the memorandum includes suggestions for allowing the filing of updated returns in cases of reduced losses and when assessment proceedings have been completed.
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