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Indian philanthropy : Tax law as a catalyst by Sudhir Kapadia, Past President, Bombay Chamber & Senior Advisor, EY

Financial Express, Delhi, December 30, 2025

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Bombay Chamber submits Pre-Budget Memorandum on Direct Tax for FY 2026–27

Mumbai: The Bombay Chamber of Commerce and Industry, through its Direct Tax Committee, has submitted its Pre-Budget Memorandum on Direct Tax for FY 2026–27.

The memorandum, based on member inputs, is divided into two parts:

Part A – Issues requiring legislative amendments

Part B – Non-legislative issues addressable by CBDT through Rules, Notifications, or Circulars

The Chamber welcomed the Government’s landmark Income-tax Act, 2025, which will replace the Income-tax Act, 1961 from April 01, 2026. The new law simplifies tax provisions, removes redundancies, and presents the statute in clear, accessible language while retaining the core policy framework.

The Chamber noted that the upcoming Budget offers an opportunity to refine the new Act before implementation, with measures to reduce litigation and ease compliance.

Key recommendations aim to:

Strengthen India’s private investment ecosystem
Provide tax certainty
Address procedural challenges
Minimise litigation
Enhance ease of doing business

These proposals, aligned with the Government’s policy of moderate progressive tax rates and minimal incentives, are positioned as tax enablers to support India’s vision of Viksit Bharat by 2047.

Click Here to View Part A - BCCI Pre-Budget Representations - Direct Tax 2026 - Legislative issues

Click Here to View Part B BCCI Pre- Budget Representations - Direct Tax 2026 Non-Legislative issues

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