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Economic Times
10 hours ago
- Business
- Economic Times
New Income Tax Bill provides simple framework to enhance ease of doing biz: ICAI
Synopsis The ICAI hailed the new Income Tax Bill, passed by Parliament, as a framework that simplifies taxation and boosts ease of doing business. Effective from April 1, 2026, the bill incorporates around 90 suggestions from ICAI, including AMT applicability and refund claim rules. ICAI believes this will make India a more attractive investment destination. Agencies Representative AI Image Chartered accountants' apex body 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. 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. 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. "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.
Time of India
12 hours ago
- Business
- Time of India
New Income Tax Bill provides simple framework to enhance ease of doing biz: ICAI
Chartered accountants' apex body 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. Finance Value and Valuation Masterclass - Batch 4 By CA Himanshu Jain View Program Artificial Intelligence AI For Business Professionals Batch 2 By Ansh Mehra View Program Finance Value and Valuation Masterclass - Batch 3 By CA Himanshu Jain View Program Artificial Intelligence AI For Business Professionals By Vaibhav Sisinity View Program Finance Value and Valuation Masterclass - Batch 2 By CA Himanshu Jain View Program Finance Value and Valuation Masterclass Batch-1 By CA Himanshu Jain View Program 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. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like You will never turn off your computer again. Undo 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. Live Events "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.
News18
13 hours ago
- Business
- News18
New Income Tax Bill provides simple framework to enhance ease of doing biz: ICAI
New Delhi, Aug 13 (PTI) Chartered accountants' apex body 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. 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. 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. '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. PTI RAM TRB (This story has not been edited by News18 staff and is published from a syndicated news agency feed - PTI) view comments First Published: Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Time of India
14 hours ago
- Entertainment
- Time of India
Father sees son's CA results. What he does next has everyone talking
Internet reacts Becoming a Chartered Accountant is no small victory — it's a gruelling journey that demands years of focus, discipline, and resilience. It is considered to be one of the toughest exams in India, and every year, lakhs of candidates attempt to crack it. So when CA Akshat Gupta finally cleared the ICAI exam, his home turned into a scene of pure joy. However, it was his father's reaction to the news that caught the internet's Instagram, a now-viral video captures the emotional moment that unravelled at Akshat's place after the declaration of the results. Akshat, visibly anxious, was standing and checking the results while his parents stood behind him. As he waits for the result, he keeps fidgeting. The second 'successful' flash on the screen, he shouts in triumph — 'Yes, pass hogaya, CA ban gaya!'His parents' reactions are just as priceless. Double-checking the result in disbelief, they break into wide smiles before his father sweeps him up in a bear hug, lifting him off the ground as if he were a little boy again. His mother, teary-eyed and grinning ear to ear, watches the moment with pride radiating from her media lit up with love for the heartwarming clip, with many praising the father's strength and calling him the ultimate hero in his child's life. Others said moments like this define true success, when parents beam with pride at their child's achievements. Several people simply admired how beautifully the emotional scene was captured on camera, spreading smiles across timelines.
News18
a day ago
- Entertainment
- News18
Video: ‘Proud' Dad Lifts Son As He Clears CA Final Exam, Mom's Reaction Is Unmissable
In a moving moment of celebration, the father lifts his son in his arms like a child, wrapping him in a heartfelt embrace, while the mother beams with pride and joy. Cracking the Institute of Chartered Accountants of India (ICAI) CA exam and becoming a Chartered Accountant (CA) is not an easy feat. Lakhs of candidates spend years preparing for the coveted exam and clearing one of India's toughest professional exams. Passing the exam marks the culmination of years of dedication, sleepless nights, and unwavering perseverance, and the happiness is inexpressible. Now, a heartwarming video of a young man who discovers he has cleared the highly competitive ICAI Chartered Accountancy (CA) exam is capturing the same emotional moment. The video, originally shared on Instagram, has touched thousands across the country, resonating with the dreams and struggles of countless CA aspirants. Parents' reaction His parents, equally anxious, double-check the screen. Upon confirming the word 'successful," emotions take over and they run to hug each other. In a moving moment of celebration, the father lifts his son in his arms like a child, wrapping him in a heartfelt embrace, while the mother beams with pride and joy. Internet's Reaction The man's emotional moment with his parents struck a chord with many online. In no time, social media users flooded the comments section of the post with heartfelt reactions. While a majority of users shared their happiness watching the video, others shared about similar moments they had with their loved ones. 'The reels I am happy to re-watch, the way his dad picked him," read a comment. Another wrote, 'Success is – if your parents are proud of your achievements, you've made it." 'Such a beautiful moment captured on camera," said a user. An account posted, 'I lived this moment too. This will always be special." 'I still remember mine! It's surreal…" stated an individual. A user shared, 'A couple of years ago, I was at a friend's wedding in Nainital. Suddenly, the CA Final results are out. I froze. Didn't check. The next day, on our way back to Delhi, I couldn't wait any longer. Hands trembling, I opened the site… phone slipped. He picked it up, entered my roll number, stared at the screen, and said: 'Failed.' I went numb. Then, out of nowhere, he shouted — 'Mera bhai CA ban gaya!!!' I cried like a kid. He pulled me into the tightest hug while I was in tears. Still gives me goosebumps when I think about it." Similar Video In July 2024, another heartwarming video of a tea seller crying out of joy after his daughter passed her CA exam went viral. Amita Prajapati took to LinkedIn to share her 10-year-long journey of hard work, accompanied by a touching video of revealing the results to her father. In the viral video, the woman and her father are seen crying as they hug each other following her CA exam success. top videos View all In the LinkedIn post, Amita described the moment as 'peace," and highlighted that she lived in a slum and how her father's unwavering support and belief were crucial to her success. About the Author Buzz Staff A team of writers at bring you stories on what's creating the buzz on the Internet while exploring science, cricket, tech, gender, Bollywood, and culture. News18's viral page features trending stories, videos, and memes, covering quirky incidents, social media buzz from india and around the world, Also Download the News18 App to stay updated! tags : CA trending viral news view comments Location : Delhi, India, India First Published: August 13, 2025, 11:35 IST News viral Video: 'Proud' Dad Lifts Son As He Clears CA Final Exam, Mom's Reaction Is Unmissable Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
