ICAI submits suggestions to LS committee on new Income Tax Bill; proposes simplification

The Institute of Chartered Accountants of India (ICAI) on Thursday submitted a raft of suggestions to the Lok Sabha Select Committee that is scrutinising the new Income-tax Bill, its president, Charanjot Singh Nanda, said. These include pruning the number of sections in the bill, simplifying the language and reducing the scope for litigations.

The institute has suggested that the number of sections in the proposed bill be reduced by 90 to 100 from the current 536, Nanda said.

The select committee under BJP leader Baijayant Panda is expected to submit its report by the first day of the next Parliament session.


Moreover, the language of the bill can be simplified even further, he said, citing the institute's earlier stance. This, in turn, will leave ambiguity out of interpretation and eventually cut litigation, he added. He, however, acknowledged that proposed legislation is way simpler than the law that exists today.

But Nanda declined to spell out details of recommendations, stating the discussion with the select committee is a confidential matter.

PM's Internship Scheme

The institute, he said, has also written to the corporate affairs ministry, expressing its willingness to be a part of the Prime Minister's Internship Scheme. It intends to train youth in various areas of accounting and finance.

Through the scheme, a pilot of which was launched in October 2024, the government plans to extend internship opportunities to 10 million youth at 500 top companies over five years.