Budget backs home-grown accounting firms

New Delhi: The Union Budget underlined the government’s push to build large home-grown accounting and advisory firms, with Finance Minister Nirmala Sitharaman announcing several tax & regulatory reforms to improve ease of doing business. Presenting her ninth consecutive Budget, Sitharaman said the “Reform Express” would continue to gather momentum.

She announced the formation of a joint committee of the Ministry of Corporate Affairs and the Central Board of Direct Taxes to integrate Income Computation and Disclosure Standards (ICDS) into Indian Accounting Standards. The separate ICDS-based accounting requirement will be eliminated from the 2027–28 tax year.

To support Prime Minister Narendra Modi’s vision of Indian firms becoming global leaders, Sitharaman also proposed rationalising the definition of “accountant” under the Safe Harbour Rules.

The Budget further outlined steps to attract quality foreign investment, promote technology and knowledge partnerships.