Income Tax Bill: ICAI submits suggestions to Parliament's select committee

New Delhi: Chartered accountants' apex body ICAI on Thursday submitted its suggestions to the Lok Sabha Select Committee examining the new Income Tax Bill, including seeking lesser number of sections and simplifying the language in the proposed legislation.

The 31-member committee, headed by BJP MP Baijayant Panda, has been mandated to submit its report by the first day of the next Parliament session.

The Institute of Chartered Accountants of India (ICAI) has suggested reducing the number of sections in the proposed bill by 90 to 100, its President Charanjot Singh Nanda said.

Currently, the bill has 536 sections.

Besides, the institute has made suggestions on ways to reduce litigations and simplify the language of the bill further, he added.

"We want to support the government," Nanda said at a briefing in the national capital.

The bill was introduced by Finance Minister Nirmala Sitharaman in Lok Sabha last month.