The Institute of Chartered Accountants of India (ICAI) has provided recommendations to the Lok Sabha select committee on the Income Tax Bill 2025, aimed at simplifying the proposed legislation, reported the Press Trust of India.
The committee, comprising 31 members, is tasked with reviewing the bill and is expected to submit its report by the start of the next Parliament session.
The ICAI has proposed a reduction in the number of sections in the bill by 90 to 100 from the current 536, with an emphasis on decreasing litigation and further simplifying the bill’s language.
The bill, introduced by Finance Minister Nirmala Sitharaman, is intended to replace the Income Tax Act of 1961 and has been under scrutiny by the ICAI following a directive from the Finance Ministry.
The Central Board of Direct Taxes (CBDT) sought public feedback on the bill.
The government engaged in consultations with taxpayers, businesses, industry associations, and professional bodies for the changes.
Of 20,976 online suggestions, relevant proposals were integrated into the bill where feasible.
Meanwhile, the ICAI has expressed interest in participating in the Prime Minister’s Internship Scheme, a government initiative aimed at offering internship opportunities to 125,000 youth in the current financial year.
The scheme, launched in October 2024, is managed by the corporate affairs ministry and focuses on providing internships in accounting and finance.
The ICAI Central Council will discuss the participation modalities after receiving in-principle approval from the ministry, with the objective of offering internships at chartered accountant firms.
Recently, the ICAI released the results of the Chartered Accountants Intermediate and Foundation examinations conducted in January 2025.
A total of 178,644 candidates participated in the CA Intermediate exam at 536 centres.
