ICAI's Wish List for Union Budget: Tax Simplification and Education Reforms

The Institute of Chartered Accountants of India (ICAI) advocates for the Union Budget to simplify startup tax compliance and boost education funding. They stress the importance of ESG initiatives and aligning tax laws with global standards to enhance India's economic leadership.

The Institute of Chartered Accountants of India (ICAI) expressed its aspirations for the Union Budget to include measures that simplify taxation for startups and ease compliance burdens on professionals. The Budget for 2025-26, set to be unveiled by Finance Minister Nirmala Sitharaman on February 1, aims to introduce reforms that align Indian tax provisions with global standards, supporting innovation and ESG-led initiatives.

ICAI emphasized the importance of incentivizing ESG (Environmental, Social, and Governance) initiatives through potential tax benefits, underscoring how such measures can accelerate India's journey towards becoming a global economic leader.

Additionally, the institute looks forward to reforms promoting ease of doing business and empowering education. It highlights the necessity of increased budgetary support for education, particularly skill development and girl child education, to foster an empowered and future-ready generation.

(With inputs from agencies.)