Union Budget 2024: ICAI Welcomes Budget 2024-25 Focusing on Employment, Skilling, MSMEs and the Middle Class

The Institute of Chartered Accountants of India (ICAI) has welcomed the 2024-25 Union Budget for its focus on employment, skilling, MSMEs, and middle-class relief. Key highlights include simplified taxation schemes, a comprehensive review of the Income-tax Act, and rationalization of capital gains taxation. The budget also emphasizes digitalization of taxpayer services, reducing litigation, and enhancing the efficiency of the Insolvency and Bankruptcy Code (IBC). Significant proposals address personal taxation relief, international taxation reforms, and indirect tax changes to boost exports and local manufacturing.