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The Institute of Chartered Accountants of India (ICAI) on Thursday submitted a raft of suggestions to the Lok Sabha Select Committee that is scrutinising the new Income-tax Bill, its president, Charanjot Singh Nanda, said. These include pruning the number of sections in the bill, simplifying the language and reducing the scope for litigations.
The Select Committee of the Lok Sabha under the chairmanship of BJP Vice President and Lok Sabha MP Baijayant Panda will examine the Income-Tax Bill 2025 on March 6 and 7, 2025.
While the Income Tax Bill, 2025 has consolidated the tax laws governing non-profit organisations (NPOs), tax experts have sought more clarity on the criteria for these entities to qualify for tax concessions.
The Income Tax Department has introduced an online self-help tool to assist taxpayers in understanding the changes proposed in the Income Tax Bill 2025. This tool, available on the official income tax department’s website, allows taxpayers to compare the provisions of the new bill with those of the Income Tax Act, 1961.
The New Income Tax Bill 2025, which aims to replace the Income Tax Act 1961, seeks to simplify and simplify tax rules.
ICMAI has submitted a memorandum to the Lok Sabha’s Select Committee, urging the inclusion of “Cost Accountant” in the definition of “Accountant” under Section 515(3)(b) of the Income Tax Bill, 2025. The Bill, introduced on February 13, aims to simplify the direct taxation system by streamlining provisions, reducing litigation, and enhancing voluntary compliance.
Cost accountants are equipped to conduct tax audits, a senior official of the Institute of Cost Accountants of India (ICMAI) said on Thursday…
New Income Tax Bill 2025: Representing a historic milestone in India’s tax landscape, Hon. Finance Minster – Madam Nirmala Sitharaman has presented the Income Tax Bill, 2025 (Bill) in the Parliament on 13.02.2025.
Finance Minister Nirmala Sitharaman, while introducing the Bill in the Lok Sabha, had said that “substantial changes” have been made in the Bill. The number of words has been halved from 5.12 lakh, and the number of chapters also has been halved to 23 from 47 currently. Following the introduction, the Bill was referred to the select committee of the Lok Sabha that is mandated to submit its report by March 10.
Tax audit is the forte of chartered accountants, Institute of Chartered Accountants of India (ICAI) President Charanjiv Singh Nanda said, amid demands by cost accountants and company secretaries to be included in the definition of accountants in the Income Tax Bill.