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ICAI Proposed Tax Deductions in Pre-Budget Memorandum to CBDT

ICAI Proposed Tax Deductions in Pre-Budget Memorandum

The Institute of Chartered Accountants of India (ICAI) has shown its Pre-Budget Memorandum 2024 before the Central Board of Direct Taxes (CBDT), asking for a series of tax revisions objecting to promote social welfare and sustainable development.

The council recommended income tax deductions for the expenses towards the education of a girl child. The same was asked for the income tax deductions for the green and skill development projects.

Distinct suggestions for personal taxation reform have been underscored under the memorandum. Such comprises of the deductions for medi-claim premiums under the default tax regime, regular updates to the standard deduction, and the prospect for married couples to file joint tax returns.

Read Also: Income Tax Return Filing Due Dates For FY

The ICAI for business taxation stressed the requirement for the coherence between tax audit provisions and presumptive income statutes. They asked to ease the presumptive income regime and raise the limit for computing allowable partner remuneration. Such adjustments have the objective of easing the tax procedures for businesses, assuring clarity and fairness in compliance.

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