ICAI submits Post Budget Memorandum 2019 for Direct Taxes
1.0 The Council of the Institute of Chartered Accountants of India considers it a privilege to submit this Post-Budget Memorandum to the Government.
1.1 In this memorandum, we have suggested certain amendments to the proposals contained in the Finance (No. 2) Bill, 2019 which would help the Government to achieve the desired objectives.
1.2 We have noted with great satisfaction that the suggestions given by the Committee in the past have been considered very positively. In formulating our suggestions in regard to the Finance (No. 2) Bill 2019, the Direct Taxes Committee and Committee on International Taxation of the ICAI have considered in a balanced way, the objectives and rationale of the Government and the practical difficulties/hardships faced by taxpayers and professionals in application of the provisions of the Income-tax Act, 1961. We are confident that the suggestions of the Direct Taxes Committee and Committee on International Taxation of ICAI given in this Memorandum shall receive positive consideration.
1.3 In this memorandum, suggestions on the specific clauses of the Finance (No. 2) Bill, 2019 relating to Income-tax Act have been given in detail.
1.4 In case any further clarifications or data is considered necessary, we shall be pleased to furnish the same.