ICAI recommends Changes to Income Tax Bill 2025 Before Parliament's Select Committee
ICAI suggests reducing the number of sections in the proposed bill by 90 to 100 from the existing 536 sections
The Select Committee of Lok Sabha to Examine the Income-Tax Bill 2025 met on March 6, 2025, under the Chairpersonship of Shri Baijayant Panda, MP, and took oral evidence from representatives of the Institute of Chartered Accountants of India (ICAI) and Ernst & Young (EY). During the meeting, ICAI President Charanjot Singh Nanda emphasized the institute's commitment to supporting...
The Select Committee of Lok Sabha to Examine the Income-Tax Bill 2025 met on March 6, 2025, under the Chairpersonship of Shri Baijayant Panda, MP, and took oral evidence from representatives of the Institute of Chartered Accountants of India (ICAI) and Ernst & Young (EY).
During the meeting, ICAI President Charanjot Singh Nanda emphasized the institute's commitment to supporting the government in making the new Income Tax Law more seamless.
ICAI has suggested reducing the number of sections in the proposed bill by 90 to 100 from the existing 536 sections, aiming to simplify the legislation and improve clarity.
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The ICAI also proposed simplifying the language of the bill to make it easier to understand and to reduce litigation. These recommendations align with the objective of streamlining tax compliance and ensuring a more transparent and efficient tax framework.
The 31-member Select Committee, headed by BJP MP Baijayant Panda, has been tasked with reviewing the bill and submitting its report by the first day of the next Parliament session.
The Income-Tax Bill 2025, introduced by Finance Minister Nirmala Sitharaman is expected to replace the Income Tax Act of 1961, aiming for a modernized tax regime that addresses ambiguities and simplifies compliance.
Recent Developments:
Enhanced Authority for Tax Officials: The bill proposes granting tax authorities broader powers to access taxpayers' digital platforms, including emails and social media accounts, during investigations. This provision has raised concerns regarding potential privacy infringements.
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