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Income Tax Policy Survey

Assessing the current industry perceptions and future expectations

India is ambitiously progressing toward becoming the world's third-largest economy by 2030 and achieving developed nation status by 2047. This vision of a "Viksit Bharat" relies on several key factors: strengthening institutional capacities, particularly in defence and financial services; establishing India as a global hub for manufacturing and innovation; advancing infrastructure across the board; driving digital transformation within the economy; and overhauling economic and commercial laws.

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While presenting the Finance Bill (No. 2) 2024 [Budget 2024] in July 2024, the Union Finance Minister, Smt. Nirmala Sitharaman announced a comprehensive review of the Income-tax Act of 1961 (Act) within six months. The purpose of the review is indicated to simplify the language, reduce litigation and compliance burdens, and remove obsolete provisions.Against this backdrop, Deloitte India conducted a survey with more than 320 participants to capture India Inc.’s perspectives on the complexities of the current Income-tax law and the expectations from its comprehensive review. Insights from the survey will help businesses and policymakers better understand India’s tax landscape, raise essential questions for policy development, and explore how recommended changes could enhance the current framework.

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Tax Transformation Trends

Take a deeper dive into the themes that emerged.

Operations transformation

Business model evolution is accelerating more quickly than ever. Companies are adapting to the digital era, investing in green initiatives, and mapping growth plans for recovery. They cannot do all of this without the forecasting and scenario modeling capabilities of their tax team. This creates a new business imperative for the C-suite to partner with the tax function. By no longer being consumed by routine compliance and reporting activities, the tax team is empowered to deliver increased agility and value.
Service
5 minute read

Global Operate Services

Operating core business services and functions to embed continuous advantage.
Capability
5 minute read

Tax Technology Report

This report explores the challenges related to technology transformation in the current tax landscape, including investment, obtaining budget and finding the optimal implementation and maintenance programme.
About Us
10 minute read

Tax Trends in Financial Services

Deloitte interviewed 12 heads of tax in financial services to understand their challenges, outlook for talent, and vision for the future.
Perspective

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Get the research highlights for the Tax Transformation Trends Survey with the executive summary or take a deeper dive into the themes that emerged with our full report

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Technology transforamtion insights

Explore the challenges related to technology transformation in the current tax landscape

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Get in touch

Gokul Chaudhri

Partner | Business Tax
+91 124 679 2902

Rohinton Sidhwa

Partner, Tax, Deloitte India

Patrick Earlam

Tax & Legal Operate Leader, Deloitte Africa
+27 82 556 9464

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