ICAI has released Income Tax Act, 2025 (Including Tabular Mapping of Sections vis-a-vis Income-tax Act, 1961)
The foundation for the Income-tax Act, 2025 was laid last year when the Hon’ble Finance Minister in her Budget Speech-Union Budget 2024-25 announced a comprehensive review of the Income-tax Act, 1961 to make the Income-tax law concise, lucid and easy to understand. It gives us immense satisfaction to state that the ICAI partnered with the Government at every stage of the introduction of the new law. We presented our preliminary suggestions on the Comprehensive Review of the Income-tax Act, 1961 at the stakeholder consultation under the chairmanship of the Revenue Secretary, Ministry of Finance on 18th September 2024 followed by submissions of detailed inputs in December 2024.
After the Income-tax Bill, 2025 was tabled in Lok Sabha on 13th February 2025, the ICAI, committed to partnering with the Government in nation building, established seven expert groups across India to undertake a clause-by-clause analysis of the Bill. Suggestions were also invited from members at large on the Income-tax Bill, 2025. Meanwhile, ICAI had the honour of being invited first, in a series of stakeholder consultations, by the Select Committee of Lok Sabha to examine the Income-tax Bill, 2025, to hear its views at its sitting held on 6th March 2025. We presented our preliminary suggestions on the Income-tax Bill, 2025 at the said meeting. Thereafter, we submitted our Memorandum of Suggestions on the Income-tax Bill, 2025 on 21st April, 2025. It is indeed heartening to note that more than 90 suggestions made by ICAI have been considered in the Income-tax Act, 2025.
Since April this year, the ICAI, through its Direct Taxes Committee, has actively organised public outreach programs on the Income-tax Bill, 2025 across India. So far, we have conducted 38 such programs with many more planned in the coming months to disseminate knowledge on the new legislation.
Continuing our knowledge sharing initiatives, I am delighted to announce that the Direct Taxes Committee of ICAI is publishing the Bare law of the Income-tax Act, 2025. I laud CA. Piyush S Chhajed, Chairman, Direct Taxes Committee, and CA. Vishnu Kumar Agarwal, Vice Chairman, Direct Taxes Committee, for this initiative to publish
the bare law of the new legislation with the objective of making the same available to our members at a reasonable price.
I am confident that this publication will serve as a valuable resource and empower professionals in their lifelong journey of learning.
Place: New Delhi
CA. Charanjot Singh Nanda President, ICAI