The Institute of Cost Accountants of India (ICAI) has welcomed the new Income Tax Bill 2025. The institute believes this bill is an important step toward simplifying India’s tax system, which has been in place for over sixty years.
According to ICAI, the bill aims to make tax laws clearer by removing outdated rules and streamlining the provisions. This will help reduce legal disputes and encourage more people to comply with tax regulations voluntarily. The government’s goal is to make doing business in India easier by introducing these structural changes.
Dr. Lavanya Kanduri, Chairperson of the ICMAI-Hyderabad Chapter, expressed her support for the bill. She stated that it shows the government’s commitment to improving the business environment and creating a tax system that is more user-friendly.
In response to the bill, the ICAI has submitted a memorandum to the Lok Sabha. They have requested that “Cost Accountant” be included in the definition under Section 515(3)(b) of the bill. The institute argues that Cost Accountants are already recognized as Internal Auditors under the Companies Act, 2013, and should be given proper recognition in the new tax law as well.
