Income Tax Bill 2025: ICAI submits further Suggestions on reducing Sections in Bill to Parliament Select Committee:

Income Tax Bill 2025: ICAI submits further Suggestions on reducing Sections in Bill to Parliament Select Committee The ICAI, the world's largest accounting association, advocated on Thursday for additional reductions in the number of sections in the Income Tax Bill 2025, as well as for further clarity of the Bill's language. A 10-member delegation from the Institute of Chartered Accountants of India (ICAI) led by President Charonjot Singh Nanda met with the 31-member Select Committee, which was chaired by BJP MP Baijayant Panda, according to individuals familiar with the matter. Nanda is said to have pitched for a 90-10 reduction in the number of provisions in the Bill, which currently has 536 sections, according to reports. ICAI is also said to have proposed numerous measures to reduce litigation in the system. It may be recalled that Finance and Corporate Affairs Minister Nirmala Sitharaman submitted the Income Tax Bill 2025 in Parliament last month, proposing to replace the Income Tax Act of 1961. The bill was referred to the Select Committee, with the instruction that the Panel's report be tabled on the first day of the next Parliament session. The Finance Ministry has invited the ICAI to conduct a thorough examination of the new income tax bill and provide its recommendations. Last month, the CA Institute formed a five-member group and invited up to 39 chartered accountants from around the country to conduct a thorough review of the bill and submit a report to the Select Committee of Parliament. Last month, following the bill's presentation in Parliament, the ICAI expressed strong support for the new law, noting its potential to streamline India's tax structure and encourage economic growth. In a proactive effort to help its members grasp the nuances of the new legislation, the ICAI established the New Income Tax Bill 2025 GPT, a tool meant to provide fast summaries and in-depth analyses of the provisions of the Bill. Meanwhile, the CA Institute has written to the Corporate Affairs Ministry (MCA) requesting approval to participate in the Pradhan Mantri Internship Scheme. "We also want to be part of PMIS, and our member firms can train young people (21-24 years old) in areas such as GST, income tax, and so on," Charanjot Singh Nanda, President of the ICAI, stated. "The nitty gritty can be worked out if MCA gives us the go-ahead," the official stated.