ICAI Submits Suggestions on Comprehensive Review of the IT Act 1961 and Pre-Budget Memorandum 2025

ICAI Submits Suggestions on Comprehensive Review of IT Act, 1961 and Pre-Budget Memorandum 2025 The Institute of Chartered Accountants of India (ICAI) has submitted its suggestions for a comprehensive review of the Income Tax Act, 1961, as part of the pre-budget memorandum for 2025. The recommendations focus on simplifying tax provisions, enhancing compliance mechanisms, and addressing concerns related to tax administration. ICAI advocates for measures to improve ease of doing business and reduce litigation. The proposals cover key areas like rationalization of exemptions, tax rates, transfer pricing regulations, and the introduction of new incentives for businesses. The ICAI’s submission aims to make the tax system more transparent, efficient, and aligned with international standards, thereby fostering a conducive environment for growth and economic development in the country.