Institute of Chartered Accountants of India has actually sought a slew of tax reforms in the budgetKolkata: The Institute of Chartered Accountants of India (ICAI) has actually looked for about 14 tax and accounting reforms in the upcoming union budget.The ideas essentially aim at making laws easy, fair, transparent.

less litigative and easy to use, ICAI president Nihar N Jambusaria stated.

There are about 14 suggestions from our end sent to the Central Board of Indirect Taxes - & Customs (CBIC) for consideration, he said on the sidelines of a global conference of CA students.The suggestions consist of allowing return of losses and introducing appropriate legal amendments for its application.

It is relevant for hospitality, passenger transport and some other sectors.Regarding devaluation on slump sale, the ICAI suggested change of an arrangement of the Earnings Tax Act to clarify the legal position as to whether devaluation can be declared on the basis of proportionate variety of days by the transferer and the transferee company.It likewise proposed that Section 12 of the Act be changed to clarify that voluntary contributions shall include one in kind and the value of the property so gotten by a trust or organization shall be the fair market price as on date of receipt of such contribution.The definition of demerger need to include the corporate divestiture in kind of spin-off under which a moms and dad business transfers its shareholding in a subsidiary to its investors, the ICAI recommended.