The CA Institute, the world’s largest accounting body, has advocated for a further reduction in the number of sections in the Income Tax Bill 2025, along with a push for simplifying its language.
A 10-member delegation of the Institute of Chartered Accountants of India (ICAI) led by President Charonjot Singh Nanda met the 31-member Select Committee, headed by BJP MP Baijayant Panda, sources stated.
Nanda, in his presentation, is understood to have pitched for a reduction in the number of provisions by 90-10 from the current level in the Bill of 536 sections, they mentioned. It is learned that ICAI furnished various measures to bring down the litigation in the system.
Last month, Finance and Corporate Affairs Minister Nirmala Sitharaman introduced in Parliament the Income Tax Bill 2025, which offered to substitute the Income Tax Act 1961. The bill was referred to the select committee with the direction that the report of the panel be tabled on the first day of the next parliament session.
ICAI has been provided with the task by the Finance Ministry to conduct a review of the new income tax bill and furnish its suggestions. The CA Institute has created a 5 member group and roped in as many as 39 chartered accountants across the nation to do a deep dive on the Bill and provide a report to the Select Committee of Parliament.
Following the introduction of the Bill in Parliament last month, the ICAI expressed strong support for the proposed legislation, emphasizing its potential to ease India’s tax framework and boost economic growth.
In a proactive effort to help its members understand the nuances of the new legislation, ICAI has launched the New Income Tax Bill 2025 GPT. This tool is designed to provide quick summaries and in-depth analyses of the provisions outlined in the Bill.
Prime Minister’s Internship Scheme
CA Institute has written to the Corporate Affairs Ministry (MCA) asking for the latter’s nod to participate in the Pradhan Mantri Internship Scheme.
“We also want to be part of PMIS and our member firms can train youngsters (21-24 year olds) in areas like GST, income tax etc”, Charanjot Singh Nanda, President, ICAI cited.
He added, “The nitty gritty can be worked out if MCA gives us the go ahead.”
Source: The Hindu Business Line
