ICAI Applauds New Income Tax Bill for Business Ease

The Institute of Chartered Accountants of India (ICAI) has endorsed the new Income Tax Bill, which aims to simplify taxation and bolster India's status as a prime investment destination. The bill, replacing the 1961 Act, incorporates several ICAI suggestions and is set to be implemented by 2026.

The Institute of Chartered Accountants of India (ICAI) has expressed strong support for the new Income Tax Bill, emphasizing its potential to streamline business operations and make India a more attractive investment destination.

Passed by Parliament on Tuesday, the bill replaces the six-decade-old Income Tax Act of 1961 and will be in effect starting April 1, 2026.

ICAI highlighted that around 90 of its recommendations have been integrated into the bill, which includes provisions to simplify tax processes such as the Alternative Minimum Tax and new refund claim procedures.

(With inputs from agencies.)