Chartered Accountants The top body of the Indian Surprise Accountant Institute (ICAI) has demanded some important changes in the new income tax bill. The ICAI on Thursday submitted its suggestions to the Select Committee of the Lok Sabha, which is investigating the new Income Tax Bill. In the suggestion made by ICAI, the proposed law demands to reduce the number of sections and make the language easier. The 31 -member Select Committee headed by BJP MP Baijayant Panda has been asked to submit its report on the first day of the next session of Parliament.
Suggestion to reduce 90 to 100 sections in new income tax bill
Charanjot Singh Nanda, president of the Indian Surprise Accountant Institute, said that the institute has given the committee to cut the number of sections by 90 to 100 in the proposed bill. Currently, a total of 536 sections have been kept in the new income tax bill. Let us tell you that a new income tax bill was introduced in the Lok Sabha last month. From where it was sent to the Select Committee. Along with this, ICAI has also given its suggestions on ways to reduce tax related cases and make the language of the bill easier. Charanjot Singh Nanda, while talking to the media, said, “We want to support the government towards making the income tax law effective.”
Nirmala Sitharaman introduced a new income tax bill on 13 February
Union Finance Minister Nirmala Sitharaman introduced a new Income Tax bill in the Lok Sabha, the lower house of Parliament on 13 February. The new Income Tax Bill was approved by the cabinet on 7 February. The new Income Tax Bill 2025 is an important part of a major effort to improve India’s tax system. The aim of the new income tax bill is to improve the existing tax system as well as make it easier, well -organized and transparent. Currently, the system is functioning under the Rules and laws of the Income Tax Act, 1961 in India. After passing the new Economic Tax Bill, this Income Tax Act will be formed and the Income Tax Act will replace 1961.
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