CII Jharkhand brings experts to decode new Income Tax Act 2025

PNS

Jamshedpur

The Confederation of Indian Industry (CII) Jharkhand, in association with KPMG India as Knowledge Partner, organized a session on “New Income Tax Act 2025 & Beyond” in Jamshedpur on Friday. The event brought together industry leaders, tax experts, financial professionals and business executives to deliberate on the evolving taxation and business landscape, with a focus on tax reforms, investment incentives, IPO preparedness, business restructuring and domestic as well as global expansion strategies.

Addressing the gathering, Sanjay Sabherwal, Past Chairman, CII Jharkhand State Council and Managing Director of Metalwork Industries Ltd., said that as India moves toward becoming a USD 5 trillion economy, a transparent, predictable and technology-driven tax framework will play a crucial role in sustaining growth and attracting investments. He noted that the New Income Tax Act 2025 represents a significant step towards simplifying compliance and creating a business-friendly environment. He also emphasized the need for enterprises, particularly MSMEs, to strengthen governance, embrace innovation and build organizational capabilities to scale into larger enterprises that can contribute to employment generation and economic growth.

Vikash Mittal, Convenor of the CII Jharkhand Finance & Taxation Panel and Chief Legal Counsel – Indirect Taxation, Legal (I&L), Tata Steel Limited, highlighted that the proposed reforms signify a shift from complexity to certainty in India’s tax regime. He stated that the modernized framework is expected to reduce litigation, simplify compliance and align the country’s tax architecture with the needs of a digital and globally integrated economy. According to him, the reforms will boost investor confidence, encourage business expansion and strengthen Jharkhand’s competitiveness as an industrial hub.

Setting the context for the plenary session, Arun Chhabra, Partner, Corporate & International Tax, BBSR & Associates LLP, observed that taxation, corporate structuring, fundraising readiness and expansion strategies have become increasingly interconnected. He stressed that organizations should move beyond compliance and adopt a strategic approach to leveraging incentives, preparing for capital market opportunities and planning sustainable growth. He added that the New Income Tax Act 2025 introduces a new dimension to business planning, making it essential for companies to align tax and business strategies.

Arun Gaur, Co-Convenor of the CII Jharkhand Finance & Taxation Panel and Director of Bhoomatey Homes Pvt. Ltd., said the New Income Tax Act 2025 marks a significant step toward creating a simpler and more transparent tax ecosystem. He expressed confidence that the deliberations would help businesses better understand the evolving tax environment and prepare effectively for future opportunities and challenges. The session underscored the growing importance of integrating tax planning with broader business objectives in a rapidly changing economic landscape. Participants gained valuable insights into strengthening governance frameworks, improving organizational readiness and positioning their enterprises to capitalize on emerging opportunities while navigating evolving regulatory requirements.