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The Institute of Chartered Accountants of India (ICAI) welcomes the Budget that focuses on employment, skilling, MSMEs sector and Middle Class. Simplifying taxes, improving taxpayer services, providing tax certainty, and reducing litigation are the four cornerstones of the tax proposals in this budget. CA Ranjeet Kumar Agarwal, President of ICAI, said, "the proposal outlined by the finance minister, such as simplifying the FDI rules, facilitating term loans for MSMEs, and abolishing angel tax w
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FAQ :
ICAI welcomes the budget's focus on employment, skilling, the MSME sector, and the middle class. It also prioritises simplifying taxes, improving taxpayer services, providing tax certainty, and reducing litigation.
The budget proposes simplifying FDI rules, facilitating term loans for MSMEs, and abolishing angel tax, which are expected to boost domestic and startup industries.
The budget includes initiatives aimed at increasing women's participation in the workforce, providing support for women entrepreneurs, and offering skilling and upskilling opportunities.
The budget proposes a reduction in the tax rate on long-term capital gains (LTCG) on certain assets from 20% to 12.5% with removal of indexation. The tax rate on short-term capital gains (STCG) on certain financial assets will increase from 15% to 20%.
The budget includes a comprehensive review of the Income-tax Act, 1961, to reduce disputes and litigation, and aims to provide tax certainty. It also proposes increasing the threshold limit for department appeals and reintroducing the block assessment scheme for search cases.
The budget announces the digitalization of remaining services for Customs and Income Tax, including rectification and order giving effect to appellate orders, over the next two years.
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