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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.
