New Delhi, April 3: The Confederation of Indian Industry (CII) announced on Thursday that the implementation of the new Income Tax Act 2025 demonstrates the government’s commitment to simplifying the tax system and will bring structural clarity.
In a statement issued by CII Director General Chandrajit Banerjee, the organization welcomed the new Income Tax Act, 2025, calling it a significant milestone in modernizing India’s direct tax framework. This new law reflects the government’s ongoing commitment to simplifying the tax system, improving structural clarity, and creating a more transparent and predictable tax environment that supports investment, growth, and ease of doing business.
The Act is a crucial step towards rationalizing and reorganizing income tax laws, primarily aimed at reducing complexity and making compliance easier for taxpayers. By simplifying provisions and adopting a more modern legislative structure, this new framework is expected to enhance certainty for industries and investors, while also improving the efficiency of tax administration.
CII also welcomed the timely release of draft rules, forms, and frequently asked questions related to the implementation of the Income Tax Act 2025. The prompt issuance of these implementation documents will provide taxpayers with greater clarity and help ensure a smooth transition to the new framework.
Banerjee further noted that the industry has welcomed the clarity provided by the government regarding the practicality of the General Anti-Avoidance Rules (GAAR), particularly concerning transactions made before April 1, 2017. This clarification offers significant assurance to taxpayers and investors by alleviating uncertainty related to inherited transactions, while also maintaining the integrity of the tax system in combating aggressive tax evasion.
Arpit Soni has had a passion for journalism since the beginning. Now he has turned this hobby into his profession. Arpit, who is a resident of Udaipur, enjoys editing and writing news related to journalism. He has worked as a Senior Content Producer in several important roles at Bhaskar, Patrika, Pratahkal, Punjab Kesari, and Times. Arpit completed his schooling in Udaipur and Jaipur. He has been working in the media industry for more than 10 years, and his journey is still continuing. ✍️📚
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