ICAI Invites Suggestions for Pre-Budget Memorandum, 2026:

ICAI Invites Suggestions for Pre-Budget Memorandum, 2026 The Institute of Chartered Accountants of India (ICAI) has announced an important opportunity for chartered accountants and stakeholders to share their opinions and suggestions for the pre-budget memorandum, 2026. The last date for submission is 12th October, 2025. The Income-tax Act, 2025, which will be replaced by the current Income-tax Act, 1961, officially received the president's assent on August 21, 2025. The new act is set to take effect from April 1, 2026. The new act comes after taking several suggestions from tax professionals, shareholders, and chartered accountants, including the ICAI. It had submitted its clause-by-clause suggestions in the Memorandum of Suggestions on the Income Tax Bill, 2025, on April 21, 2025.

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ICAI shared that over 100 suggestions given by the institute were taken into consideration in the Income-tax Act, 2025. Now, ICAI is preparing to submit its pre-budget suggestions on the provisions of the new Income-tax Act, 2025, which will be considered in the Finance Bill, 2026. It is giving the members and stakeholders an opportunity to be a part of this suggestion. Suggestions are invited on the following categories:

• Reducing Litigation and Ensuring Tax Certainty
• Reducing Compliance Burden and Eliminating Administrative and Procedural Problems
• expanding the Tax Base and Increasing Revenue
• Preventing Tax Evasion
• Rationalising and Simplifying Direct Tax Laws

The ICAI has asked the members and stakeholders to clearly mention the specific section or clause of the Income-tax Act, 2025, the issue involved, and the proposed solution with a brief explanation in the suggestion. You can submit your suggestions through the following Google Form: Click Here to Submit Suggestions