India should simplify the taxation of charitable trusts and introduce a special tax regime for firms and limited liability partnerships, according to an accountant group.
The government should also revise how it determines the residential status of individuals and adjustments to mitigate litigation and reduce compliance burdens as part of its sweeping review of its income tax law, the Institute of Chartered Accountants of India said in a Jan. 3 release.
- Finance Minister Nirmala Sitharaman said the ministry would review its 60-year-old income tax law as part of its 2024-2025 budget. Business groups asked the office to address overlapping ...
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