ICAI submits ‘Pre Budget Memorandum 2022 on Direct Taxes (including International Taxation)’ containing 243 suggestions to the Ministry of Finance, Govt. of India, for consideration in formulating the tax proposals of Budget 2022 for the financial year 2022-23.
Earlier, the ICAI had invited suggestions on 30/09/2021 from members/ stakeholders, on issues/ concerns relating to Direct Taxes (including International Taxation) and Indirect Taxes (including GST, etc.) for inclusion in the Pre Budget Memorandum 2022, as part of it’s Annual exercise. The suggestions received by ICAI from various stakeholders were duly considered, compiled/ complemented and submitted to CBDT for consideration of GOI while formulating the tax proposals of Budget 2022.
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, check tax avoidance, etc.
In the Pre Budget Memorandum 2022, 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.
Further, the ICAI suggestions relating to GST and Indirect Taxes for consideration of the Government, are under finalisation and shall be submitted later in due course.
ICAI’s Pre Budget Memorandum 2021 dt. 17/11/2020