New Income Tax Bill provides simple framework to enhance ease of doing biz: ICAI
ICAI
on Wednesday said the
new Income Tax Bill
provides a simple and clear framework that will enhance the
ease of doing business
and support India's goal of becoming the favoured
investment destination
.
On Tuesday, Parliament passed a new income tax bill to replace the six-decade-old Income Tax Act, 1961, that will come into force from April 1, 2026.
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The Institute of Chartered Accountants of India (ICAI) said the bill incorporates a significant number of suggestions from the Parliamentary Select Committee, which consulted ICAI and other stakeholders.
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Around 90 suggestions of the institute have been considered in the bill, ICAI said in a statement on Wednesday.
The suggestions included the applicability of
Alternative Minimum Tax
(AMT) to only those persons who have claimed deductions in respect of certain income or investment-linked tax deduction, and removal of requirement to file return on or before due date for claiming refund.
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"By streamlining the structure and provisions, the new Bill reflects the government's commitment to enhancing ease of doing business by providing a tax framework that is simple and clear, thus, supporting India's goal of becoming the favoured destination for investment," ICAI said.
Other suggestions made were those related to the year of allowability of expenditure where tax deduction takes place in the subsequent year and the applicability of the presumptive rate of 6 per cent for receipts in online mode up to the due date of filing of return.
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