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Aug 14, 2025
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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.
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.
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