India’s ICAI considers income tax bill 2025 and proposes improvements
The Indian Certified Public Accountants (ICAI) Institute is tasked with scrutinizing the new Income Tax Bill 2025 by the Ministry of Finance and proposing strengthening.
The Central Direct Tax Commission (CBDT) is seeking feedback on the bill.
A team of five was established by ICAI to examine the bill and provide recommendations. The Economy Era.
The initiative is part of a broader effort to overhaul current tax systems and encourage investors and taxpayers.
ICAI analysis covers each section of the bill with the aim of simplifying the processes for businesses and individuals.
The new bill aims to balance the individual’s tax burden while encouraging smoother business activities.
Finance Minister Nirmala Sitharaman recently presented the bill to Congress, showing a move towards a tax system that is simpler and more attractive for investors.
The bill has also undergone detailed review by a Congressional Committee.
It reported that it will replace the income tax law of 1961, replacing the term “tax year” with a “valuation year” and introduce a new company tax year starting from the date of establishment. India’s Prestrust.
The bill addresses ambiguity in Sections 44AD, 44AE, and 44ADA that affect experts.
It is set up to introduce sophisticated methods for profit calculations by defining “profits that are claimed to have been acquired.”
In December 2024, ICAI recommended a professional tax system for partnership companies that are currently levied at 30%.
It also proposed an additional fee of 12% for revenues exceeding Rs10M ($115.16M).
Last week, ICAI The appointment has been announced Charanjot Singh Nanda as the 73rd President of the term 2025-26.
“ICAI in India proposes improvements to consider Income Tax Bill 2025” was originally written and published Accountanta brand owned by GlobalData.
The information on this site is contained in good faith for general information purposes only. It is not intended to be the advice you should resort to, and we will not give any representations, warranties or warranties, whether express or implied regarding its accuracy or completeness. You should seek expert or expert advice before taking or refraining from taking any medication based on the content on our site.