Budget 2022: ICAI seeks tax, accounting reforms

The suggestions include permitting carry back of losses and introducing suitable legislative amendments for its application.

New Delhi: The Institute of Chartered Accountants of India (ICAI) has sought about 14 tax and accounting reforms in the upcoming Union budget.

The suggestions essentially aim at making laws simple, fair, transparent. Less litigative and user friendly, ICAI president Nihar N Jambusaria said.

There are about 14 suggestions from our end submitted to the Central Board of Indirect Taxes & Customs (CBIC) for consideration, he said on the sidelines of an international conference of CA students.