CA Sansaar
ICAI recommends optional joint taxation for married couples
Print
ICAI suggest the Govt for the introduction of optional joint taxation for married couples besides prescribing a time limit for the acceptance or rejection of application for advance ruling.
Recently, the institute released the updated publication of the Income Tax Act, 2025, which constitutes a comprehensive overhaul of India’s direct tax law.
With the preparation for the Union Budget 2026-27 under way, the Institute of Chartered Accountants of India (ICAI) has given a set of suggestions to the government that includes decriminalisation of certain prosecution provisions, removal of dual penalty for the same default, and introduction of year-wise e-ledger system for crediting TDS/TCS and advance tax payments.
It also recommended mandatory return filing by individuals owning more than specified acres of agricultural land.
In a note, the ICAI has outlined its recommendations into areas like reducing compliance burden, improving tax collections, mitigating litigation and rationalisation of the provisions of the income tax law.
On the issue of income tax law, the self-regulatory body said that there’s a need for clarification on the applicable rate of surcharge for calculation of Maximum Marginal Rate (MMR).
Recently, the institute released the updated publication of the Income Tax Act, 2025, which constitutes a comprehensive overhaul of India’s direct tax law.
With the preparation for the Union Budget 2026-27 under way, the Institute of Chartered Accountants of India (ICAI) has given a set of suggestions to the government that includes decriminalisation of certain prosecution provisions, removal of dual penalty for the same default, and introduction of year-wise e-ledger system for crediting TDS/TCS and advance tax payments.
It also recommended mandatory return filing by individuals owning more than specified acres of agricultural land.
In a note, the ICAI has outlined its recommendations into areas like reducing compliance burden, improving tax collections, mitigating litigation and rationalisation of the provisions of the income tax law.
On the issue of income tax law, the self-regulatory body said that there’s a need for clarification on the applicable rate of surcharge for calculation of Maximum Marginal Rate (MMR).
Category : ICAI | Comments : 0 | Hits : 504
Comments