The Institute of Chartered Accountants of India ( ICAI ) has presented its Pre-Budget Memorandum 2024 to the Central Board of Direct Taxes ( CBDT ), proposing a series of tax reforms aimed at promoting social welfare and sustainable development.
The body has suggested income tax deductions for the expenses for education of girl children. It was also proposed for income tax deductions for green projects and skill development projects.
Furthermore, the memorandum highlights several suggestions for personal taxation reform. These include deductions for medi-claim premiums under the default tax regime, regular updates to the standard deduction, and the option for married couples to file joint tax returns.
Regarding business taxation, the ICAI emphasised the need for coherence between tax audit provisions and presumptive income regulations. They proposed streamlining the presumptive income regime and raising the threshold for calculating permissible partner remuneration. These adjustments aim to simplify tax procedures for businesses, ensuring greater clarity and fairness in compliance.
Support our journalism by subscribing to Taxscan premium. Follow us on Telegram for quick updates
