 "As climate change plays out and India prepares to transition towards lower carbon emissions and a greener economy, a range of challenges needs to be addressed. One such area is the impact on government revenues. An inordinately high proportion of sta")
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 provisions relating to taxability of income by way of dividend, interest or capital gains.
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Rationalising conditions for treating a return of income as defective in the e-filing regime and provision of opportunity of being heard before treating a defective return as invalid is another suggestion by the institute.
ICAI has also pitched for simplifying the capital gains provisions under sections 54 to 54F of the Act, extending 10 per cent tolerance band to cases where value is determined by the valuation officer under Section 50C(2), rationalising rate of tax under Section 115BBE in respect of cash credits and unexplained investments.
Further, the institute has proposed obtaining report of a chartered accountant in the prescribed form certifying the sum chargeable to tax instead of going through the process of getting the certificate of lower deduction of tax from the assessing officer, where a non-resident transfers immovable property to a resident.
As per the release, another recommendation is to exempt the transferee responsible for paying to a non-resident transferor from the requirement of obtaining TAN.
Meanwhile, ICAI has submitted its final recommendations regarding simplifying the I-T Act, including introduction of special tax regime for partnership firms/LLPs, simplification of the registration and taxation regime of charitable trusts as well as provisions for determining residential status of individuals.
Other suggestions include simplification of income tax return forms, alignment of TDS/TCS rates with the objective of serving as an audit trail, periodic review of disposal of cases by assessing officer, mandatory time limit for disposal of appeals, and effective grievance redressal mechanism.
Another recommendation is the extension of time limit for filing belated return to March 31 of the assessment year.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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