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ICAI
The Institute of Chartered Accountants of India (ICAI) on Saturday said the Budget focuses on ease of doing business, promote domestic manufacturing and position India as a more competitive player in global trade, supporting economic resilience and growth. "Suggestions by ICAI in Pre-Budget memorandum regarding the finance bill 2025, phasing out of alternative tax regime, rationalisation of TDS and TCS regime, exemption of withdrawal from NSS and taxation of business trusts have also been accepted," ICAI President Ranjeet Kumar Agarwal said in a statement. Finance Minister Nirmala Sitharaman on Saturday presented her eighth consecutive Budget. Sitharaman announced significant income tax cuts for the middle class and unveiled a blueprint for next-generation reforms for Viksit Bharat as she treaded a fine line between fiscal prudence and providing a thrust to growth. ICAI also said deeming the annual value of two self-occupied house property as nil instead of erstwhile one, is a great
Chartered accountants' apex body ICAI has sought tax benefits for promoting climate change mitigation strategies and a separate section for income from shares and securities in the income tax returns form. Besides, the Institute of Chartered Accountants of India (ICAI) has sought a special tax regime for partnership firms and limited liability partnerships (LLPs) as well as simplification of income tax return forms. The institute on Friday said it has advocated for prudent tax reforms aimed at fostering economic growth and encouraging environmental sustainability in the pre-Budget Memorandum 2025. "Provision of tax benefits for promoting climate change mitigation strategies, which will not only contribute to India's climate change goals but also drive economic growth by promoting sustainable business practices is a suggestion in this direction," it said in a release. Among other suggestions, ICAI has proposed a new head to show income from shares and securities that will have ...
ICAI expects to finalise the international networking guidelines for Indian chartered accountant firms this fiscal, its President Ranjeet Kumar Agarwal said on Monday, as efforts continue to have big domestic CA firms that can compete globally. Currently, there are no guidelines for international networking of Indian CA firms. The Institute of Chartered Accountants of India (ICAI), which has more than four lakh members, is also working on ways as part of larger efforts to make the country a global accounting and auditing hub. Agarwal said at a briefing in the national capital that the institute is working on the international networking guidelines as the target is to make Indian CA firms bigger and global. With respect to aggregation of CA firms, the institute has charted out some strategies and steps have already been taken in this regard. For instance, if two CA firms are merging, they were earlier not allowed to demerge after five years of the merger. The time period has been .
Chartered accountants' apex body ICAI on Monday announced the setting up of a dedicated group to suggest more stress management measures and will also introduce a counselling help desk against the backdrop of the death of a chartered accountant due to alleged work pressure. The institute will also develop peer support networks where members can share experiences, seek advice, and collaborate to address challenges related to stress management. Chartered accountant Anna Sebastian Perayil recently died allegedly due to extreme work pressure. She worked with S R Batliboi, a member firm of EY Global. The dedicated group will work on introducing measures to improve work-life balance and for managing stress within the profession, ICAI said in a release. Also, a special counselling help desk will be introduced within ICAI's national call centre (9997599975) that will be dedicated to assisting members with stress management and work-life balance concerns. The Institute of Chartered Account