Income Tax Policy Survey

India is ambitiously progressing toward becoming the world's third-largest economy by 2030 and achieving developed nation status by 2047. This vision of a "Viksit Bharat" relies on several key factors: strengthening institutional capacities, particularly in defence and financial services; establishing India as a global hub for manufacturing and innovation; advancing infrastructure across the board; driving digital transformation within the economy; and overhauling economic and commercial laws.

While presenting the Finance Bill (No. 2) 2024 [Budget 2024] in July 2024, the Union Finance Minister, Smt. Nirmala Sitharaman announced a comprehensive review of the Income-tax Act of 1961 (Act) within six months. The purpose of the review is indicated to simplify the language, reduce litigation and compliance burdens, and remove obsolete provisions.

Against this backdrop, Deloitte India conducted a survey with more than 320 participants to capture India Inc.’s perspectives on the complexities of the current Income-tax law and the expectations from its comprehensive review. Insights from the survey will help businesses and policymakers better understand India’s tax landscape, raise essential questions for policy development, and explore how recommended changes could enhance the current framework.