ICAI stresses on need for simple laws for citizens and business class

Calls for adoption of friendlier tax and corporate legislation ahead of its national summit

The Institute of Chartered Accountants of India (ICAI), the national professional accounting body has stressed on simplicity of laws for the citizens.

“We have suggested to the government that all laws whether related to income tax or companies Act should be simple for the citizens and businessmen in the country,” Prafulla P Chhajed , president of ICAI told media persons in Bhubaneshwar.

Chajjed is in the city to attend the 16th National Chartered Accountants Conference of the ICAI hosted by the Bhubaneswar branch.

The theme for the two-day event is 'Parivartnam bhabatu Partvartanaya- Adopt & Adapt to Change'. Union minister for MSMEs, animal husbandry and dairying & fisheries Pratap Chandra Sarangi inaugurated the event.

Around 1,500 chartered accountants from all over the country are expected to attend the two-day event.

The conference will be addressed by speakers of international and national repute on subjects like Goods and Services Tax (GST), auditing and assurance standards, accounting standards, information technology, corporate law, direct taxes. The conclave will host panel discussions on public perception and expectations from the profession.