https://www.taxtmi.com/news?id=30171 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. en-us Mon, 13 Jan 2025 18:15:05 +0530 Mon, 13 Jan 2025 18:15:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=30171 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. News - Mon, 13 Jan 2025 18:15:05 +0530 https://www.taxtmi.com/news?id=30171