ICAI Praises Tax Reforms in Union Budget 2024-25

The Institute of Chartered Accountants of India (ICAI) has welcomed the 2024-25 Union Budget, highlighting tax simplification, improved taxpayer services, and tax certainty as key aspects. Additionally, the budget focuses on employment, skilling, MSMEs, and the middle class, while also streamlining LLP closures through extended C-PACE services.

Welcoming the tax proposals in the Union Budget 2024-25, the Institute of Chartered Accountants of India (ICAI) has identified four key cornerstones: simplifying taxes, improving taxpayer services, providing tax certainty, and reducing litigation.

The ICAI highlighted that the Budget emphasizes employment, skilling, MSMEs, and the middle class, all critical areas for economic growth. Additionally, the institute applauded the proposal to review the Income Tax Act, 1961, as it would offer greater tax certainty to taxpayers.

The extension of C-PACE services for voluntary LLP closures is also a positive step towards streamlining filings and expediting the closure process. Overall, the ICAI views the Union Budget 2024-25 as forward-looking, geared towards enhancing economic growth, fostering innovation, and improving the ease of doing business in India.