Union Budget 2024-25: ICAI hails proposals for growth & ease of doing biz

New Delhi, Jul 23 (PTI) Chartered accountants' apex body ICAI on Tuesday said simplifying taxes, improving taxpayer services, providing tax certainty and reducing litigation are the four cornerstones of the tax proposals in the Union Budget.

Welcoming the proposals in the 2024-25 Budget, the Institute of Chartered Accountants of India (ICAI) also said the Budget focuses on employment, skilling, MSMEs (Micro, Small & Medium Enterprises) sector and the middle class.

Among others, the institute said the proposal aimed at reviewing the Income Tax Act, 1961 is in the overall interest of taxpayers and would provide tax certainty to the taxpayers.

The extension of C-PACE services for voluntary LLP closures will streamline the filings and accelerate the closure process, it said in a release.

"The Union Budget 2024-25 is thus forward-looking with significant initiatives aimed at boosting economic growth, fostering innovation and improving the ease of doing business in India," ICAI said.