<h1>Tax law simplification: ICAI proposes consolidating rates, removing obsolete provisions, and simplifying compliance to reduce disputes.</h1> ICAI urges a comprehensive review to simplify the Income-tax Act by consolidating rates, adopting exhaustive definitions, removing obsolete provisions, and streamlining compliance. Major operative proposals include making the default concessional regime the sole regime for eligible individuals while permitting limited deductions; creating a special concessional regime for firms and LLPs; abolishing separate option forms and enabling elections within returns; aligning tax computation with accounting standards or removing ICDS; and reinstating binding advance rulings with appropriate Board composition to reduce litigation and improve tax certainty.