ICAI Submits Pre Budget 2019 Memorandum on Direct Taxes (including International Taxation) to Govt.
ICAI has submitted Pre Budget Memorandum 2019 on Direct Taxes (including International Taxation) containing 136 suggestions for Ministry of Finance, Govt. of India, for consideration in formulating the tax proposals of Budget 2019 for the financial year 2019-20.
ICAI suggestions basically revolve around improving tax administration/ collection/ compliances, reducing litigation, rationalization of the provisions of various tax laws, removal of procedural/ administrative difficulties, certain new initiatives, etc.
In the Pre Budget Memorandum 2019, the ICAI’s suggestions on Direct Taxes (including International Taxation) can be broadly categorized under the following heads:
i) Part A : Suggestions relating to the policy & provisions of Income-tax Act, 1961;
ii) Part B : Suggestions for improving Tax Administration and Citizen Services; and
iii) Part C : Suggestions pertaining to International Taxation.
A meeting was held on 12 June 2019 with Shri Pramod Chandra Mody, Chairman, CBDT (Central Board of Direct Taxes) at New Delhi wherein ICAI’s Pre-Budget Memorandum 2019 was submitted by CA. Prafulla Premsukh Chhajed, President, ICAI, CA. Nandkishore Chidamber Hegde, Chairman, Direct Taxes Committee, ICAI and CA. Pramod Jain, Vice-Chairman, Direct Taxes Committee, ICAI.
During the meeting, deliberations regarding suggestions on procedural difficulties & rationalisation of provisions were discussed and the same were considered by the Chairman, CBDT in a positive manner. Further, President, ICAI reiterated his stand to CBDT for being a partner in nation building and invited CBDT to utilize ICAI as a platform to reach out to the members & public at large & also to bridge the gap between the tax payers & the department.
President, ICAI also apprised Chairman, CBDT regarding the concept of UDIN which aims at curbing the malpractices of fake certifications that has been appreciated by the CBDT.
ICAI Invites Suggestions for Pre Budget Memorandum 2019
ICAI’s Direct Taxes Committee, GST & Indirect Taxes Committee and Committee on International Taxation has earlier invited suggestions from stakeholders including Members for submission of Issues/ Concerns for consideration of Govt. in the matter of Direct Taxes including International Taxation, Indirect Taxes including GST, etc. by way of Pre Budget Memorandum 2019, latest by 5 May 2019.
ICAI’s Pre Budget 2018 Memorandum on Direct/ Indirect Taxes to MoF (FY 2018-19)
ICAI has submitted it’s pre Budget 2018 Memorandum on Direct, International and Indirect Taxes, containing suggestions for FinMin, GoI for consideration while formulating the tax proposals for the financial year 2018-19.