Top Stories [BREAKING] No Proposal of Implementation of Direct Tax Code, 2025: Sources Addressing the confusion stirred by some recent statements following the Finance Minister’s budget announcement, Chitale confirmed that no such code is in the pipeline By Manu Sharma – On November 12, 2024 5:04 pm – 2 mins read In a recent clarification, former Chairman of the Institute of Chartered Accountants of India ( ICAI ) Direct Tax Committee, CV Chitale, has discredited the rumours regarding the introduction of a new Direct Tax Code ( DTC ).

Chitale, who was part of stakeholder meetings chaired by the Finance Secretary, shared the message directly with concerned members of the ICAI, as per a tweet by Atul Modani. Boost Your Business with SME IPO Funding Strategies – Enroll Now

Key points from his message is as follows: Contrary to speculations, there are no plans to introduce a new Income Tax Act at this time. The existing Income Tax Act of 1961 will remain in force. While the existence of the Act itself is expected to stay as it is, the provisions will be re-written with simpler language for better understanding and a new Direct Tax Code will not be introduced. Boost Your Business with SME IPO Funding Strategies – Enroll Now

Chitale’s statement puts to rest the growing concerns that Chartered Accountants (CAs), Cost Accountants (CMAs), and Company Secretaries (CSs) would be granted powers to conduct tax audits in light of this potential overhaul. The reveal is a relief to many tax professionals and businesses, who were uncertain about the future of the Indian tax landscape in the wake of the recent budget announcements.