CA Institute, the world’s largest accounting body, on Thursday pitched for further reduction in the number of Sections in the Income Tax Bill 2025 besides making a case for more simplification of the language of the Bill. 

A 10-member delegation of the Institute of Chartered Accountants of India (ICAI) led by President Charonjot Singh Nanda met the 31-member Select Committee, headed by BJP MP Baijayant Panda, sources close to the development said. 

In his presentation, Nanda is understood to have pitched for reduction in the number of provisions by 90-10 from current level in the Bill of 536 sections, they added. ICAI is also understood to have submitted several measures to bring down the litigation in the system. 

It maybe recalled that the Finance and Corporate Affairs Minister Nirmala Sitharaman had last month introduced in Parliament the Income Tax Bill 2025, which proposes to replace the Income Tax Act 1961. The Bill was referred to Select Committee with direction that report of the Panel be tabled on the first day of the next Parliament session. 

The Finance Ministry had tasked ICAI to conduct a thorough review of the new income tax bill and submit its recommendations. The CA Institute had last month set up a five member group and roped in as many as 39 chartered accountants across the country to do deep dive on the Bill and submit report to Select Committee of Parliament. 

In its initial reactions last month after introduction of Bill in Parliament, the ICAI had expressed strong support for the proposed legislation, highlighting its potential to simplify India’s tax framework and stimulate economic growth. 

In a proactive move to assist it’s members in understanding the nuances of the new legislation, ICAI had launched the New Income Tax Bill 2025 GPT, a tool designed to provide quick summaries and in-depth analyses of the Bill’s provisions.

PM Internship Scheme 

Meanwhile, CA Institute has written to the Corporate Affairs Ministry (MCA) seeking the latter’s nod to participate in the Pradhan Mantri Internship Scheme. 

“We also want to be part of PMIS and our member firms can train youngsters (21-24 year olds) in areas like GST, income tax etc”, Charanjot Singh Nanda, President, ICAI said. 

“The nitty gritty can be worked out if MCA gives us the go ahead”, he added.