The Government of India aims to boost domestic accounting and advisory firms globally in the Union Budget 2025–26. Finance Minister Sitharaman plans to redefine accountants under safe harbour rules to reduce disputes and enhance business operations in India.

Sitharaman also proposes to eliminate the separate accounting requirement based on Income Computation and Disclosure Standards from the tax year 2027–28. A joint panel will integrate ICDS rules into Indian Accounting Standards to streamline tax computation and financial reporting standards, increasing efficiency for businesses.

The move aligns with PM Modi’s vision for Indian firms to lead globally. Safe harbour provisions allow taxpayers to adhere to specified margins, parameters, or price ranges accepted by tax authorities without detailed verification. The adjustment to the accountant definition aims to simplify compliance and improve business operations in India.

Read more at Yahoo Finance: India backs global ambitions of domestic accounting companies