NICAI Update, Delhi (2026)

02/01/2026

Another Proud & Privileged Moment for Indian MSMEs

It is pleasure movement that CA Mukesh Mohan Gupta presented a copy of his Book “MSMEs of Developed India-An Encyclopedia of MSME Schemes” to me.

CA Mukesh Mohan Gupta, President, Chamber of Indian Micro Small and Medium Enterprises authored a book “MSMEs of Developed India-An Encyclopedia of MSME Schemes”. The book comprises of all major schemes of All Central Ministries and Key Stakeholders related to MSMEs and Startups.

The book was launched by Shri Piyush Goyal, Hon’ble Minister of Commerce and Industry and Dr. Rajneesh, IAS, Additional Secretary and Development Commissioner, Ministry of Micro Small and Medium Enterprises.

This publication is very useful tool for Chartered Accountants, Company Secretaries, Cost Accountants, Advocates, Tax & Finance Professionals and Academia.

You may get the book from the below link:
https://msmebook.indiansmechamber.com/

06/12/2025

Respected Members,
We are organizing a Webinar on GST for NGO/NPO

Date: Saturday, 13th December 2025

Time: 4:00 PM to 5:30 PM IST

Speaker:
· CA Sanjeev Goel

Session Moderator:
· Mr. Satyam Gupta

Join us for an insightful session covering:

✅ Gst On Educational & Skill centre

✅ GST on healthcare services & Rehab center

✅ GST on Sports and Yoga centre

✅ GST on Dharmsala and Religious Institutions

✅ GST ON RWA and Clubs

✅ GST ON Environmental & Wild life Organisations

✅ Gst on adoption & Incubators

✅ GST on Activity wise under NGO/NPO

Fees: 200

For payment: https://rzp.io/rzp/Ja8ifrpF

Warm regards,

Anjali
9711081083

CA (Dr) Raj Chawla
9811081083

06/12/2025

Respected Members,

We are organizing a Webinar on Peer Review Compliance.

Date: Saturday, 06th December 2025

Time: 4:00 PM to 5:30 PM IST

Speaker:
· CA (Dr) Raj Chawla
· CA Nakul Arora

Session Moderator:
· Mr. Satyam Gupta

Key highlights.
1. Overview of Peer Review Guidelines – 2022
2. Peer Review Mandate – Rollout & Implementation
3. Eligibility Criteria to Become a Peer Reviewer
4. Procedures of Peer Review
5. Clause 22 – Client List Requirements

Fees: 200

For payment: https://rzp.io/rzp/4BZGLof

Warm regards

Anjali
9711081083

CA (Dr) Raj Chawla
9811081083

05/12/2025

Respected Members,

We are organizing a Webinar on Peer Review Compliance.
Date: Saturday, 06th December 2025

Time: 4:00 PM to 5:30 PM IST

Speaker:
· CA (Dr) Raj Chawla
· CA Nakul Arora

Session Moderator:
· Mr. Satyam Gupta

Key highlights.
1. Overview of Peer Review Guidelines – 2022
2. Peer Review Mandate – Rollout & Implementation
3. Eligibility Criteria to Become a Peer Reviewer
4. Procedures of Peer Review
5. Clause 22 – Client List Requirements

Fees: 200
For payment: https://rzp.io/rzp/4BZGLof

Warm regards,

Anjali
9711081083

CA (Dr) Raj Chawla
9811081083

05/12/2025

Quotes of the Day;

1. There is no Definition for a GOOD DAY or a BAD DAY. It all Depends on YOU & Your THOUGHTS that, Either You RULE the DAY or the DAY Rules You.

2. Be Honest when in Trouble and be Simple when in Wealth, Be Polite when in Power and be Silent when in Anger.

NICAI Update;

1. Income Tax Act, 2025 moves towards implementation from April 1, 2026, the finance ministry is reviewing and simplifying the compliance forms used by charitable institutions. They said the new Act has already reorganised exemption provisions into a clearer and more coherent structure, and the accompanying procedures and forms are now being examined. There is also another set of people working on the forms. The forms have not yet been modified.

2. ITAT Ahmedabad Quashes Entire ₹115 Cr Reassessment Assessee, a Pvt Ltd company dealing in shares, filed ROI declaring ₹9,00,890. AO reopened assessment alleging penny stock trading of ₹3.85 crore & completed reassessment u/s 147 r.w.s.144B making massive additions aggregating ₹115.22 crore, taxing them u/s 115BBE.

3. Supreme Court upholds GST exemption on renting of residential premises as hostels to students & working professionals.

4. Goods and Services Tax, Government of India provided Advisory for Furnishing of Bank Account Details as per Rule 10A dated 20th November, 2025.

5. For our Daily Updates you can also join our Telegram group: https://t.me/nicaiupdates

With best regards
CA (Dr) Raj Chawla
9811081083

03/12/2025

Respected Members,

We are organizing a Webinar on Peer Review Compliance.

Date: Saturday, 06th December 2025

Time: 4:00 PM to 5:30 PM IST

Speaker:

· CA (Dr) Raj Chawla

· CA Nakul Arora

Session Moderator:

· Mr. Satyam Gupta

Key highlights.

1. Overview of Peer Review Guidelines – 2022

2. Peer Review Mandate – Rollout & Implementation

3. Eligibility Criteria to Become a Peer Reviewer

4. Procedures of Peer Review

5. Clause 22 – Client List Requirements

Fees: 200

For payment: https://rzp.io/rzp/4BZGLof

Warm regards,

Anjali
9711081083

CA (Dr) Raj Chawla
9811081083

03/12/2025

Quotes of the Day;

1. Raise your words, not voice. It is rain that grows flowers, not thunder.

2. Changes do not happen when circumstances improve.Changes happens when we decide to improve our circumstances.

Compliance Calendar update;

1. Compliance Calendar December-2025

7th December – Income Tax TDS

10th December – ITR (Audit Case)

10thDecember – GST TDS & TCS

11th December – GSTR-1

13th December – GSTR-1 (IFF)

15th December – Advance Tax (Oct to Dec 2025)

15th December – PF & ESI

20th December – GSTR-3B

30th December - 26QB, 26QC, 26QD, 26QE

31stDecember – Belated & Revised ITR

31st December – GSTR- 9 & 9C

31stDecember – AOC 4

31stDecember – MGT 7/7A

2. The Ministry of Corporate Affairs (MCA) has updated the definition of a Small Company, effective from 01.12.2025. The new criteria are as follows:
• Paid-up Capital: Up to ₹10 Crores
• Turnover: Up to ₹100 Crores

3. Key Highlights:
• The new thresholds aim to provide relief to small companies, reducing compliance requirements and promoting ease of doing business.
• The government has raised the limits to encourage entrepreneurship and support the growth of small businesses.
• Companies meeting these criteria will be classified as Small Companies and enjoy benefits, including reduced regulatory requirements.

4. Eligibility Criteria:
• Private companies with paid-up capital and turnover not exceeding the specified limits
• Excludes public companies, holding/subsidiary companies, Section 8 companies, and companies governed by special Acts

5. Benefits of being a Small Company:
• Reduced compliance requirements
• Easier regulatory framework
• Support for growth and entrepreneurship

6. For getting more updates and developments in the CA professional, kindly follow our LinkedIn : https://www.linkedin.com/feed/

With Regards,
CA (Dr) Raj Chawla
9811081083

01/12/2025

Quotes of the Day;

1. A simple formula for happy life. Never try to defeat anyone, just try to win everyone, Don't laugh at anyone but laugh with everyone.

2. Distance never breaks a Relation and Closeness never builds a Relation. If feelings are True, Honest & Sincere, All Relations will remain FOREVER.

NICAI Update;

1) Central Board of Direct Taxes (CBDT) has launched its second NUDGE initiative, targeting taxpayers with unreported foreign assets. Here's what you need to know:

A) Why the Nudge?: Using data from Automatic Exchange of Information (AEOI), Common Reporting Standard (CRS), and Foreign Account Tax Compliance Act (FATCA), the CBDT has identified high-risk cases where foreign assets seem to exist but weren't reported in Income Tax Returns (ITRs).

B) What to Do: Taxpayers will receive SMS and email alerts from November 28, 2025, advising them to review and revise their returns by December 31, 2025, to avoid penal consequences.

C) Previous Success: The first NUDGE campaign in 2024 led to over 24,000 taxpayers disclosing assets worth more than ₹29,000 crore.

D) Key Points:

I. Accurate disclosure of foreign assets and income is mandatory under the Income-tax Act, 1961, and the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.

II. Non-compliance may lead to penalties, scrutiny notices, and prosecution.

III. Taxpayers can revise their ITRs by December 31, 2025, to avoid penalties.

2) Income Tax Department has introduced several key changes from 1-12-2025 that will impact taxpayers and deductors. Here are the details:

A) New TDS Alert System
• Real-time alerts will be sent to deductors for mistakes such as:
- Incorrect PAN
- Wrong section
- TDS rate mismatch
- Wrong mapping
• This will help deductors correct errors and avoid penalties.

B) Faster Refund Processing
• Valid ITRs will be processed within 7 working days, down from the previous 15-day timeline.
• This is great news for taxpayers expecting refunds.

C) New AIS Matching Rules
• If there's a mismatch of 10% or more in AIS/26AS, the system will automatically send an alert.
• Taxpayers should reconcile their AIS before filing ITR to avoid issues.

D) Higher Penalty for Late ITR Filing
• Penalty for late filing has increased to ₹7,500 for individuals with income above ₹5 lakh.
• Ensure timely filing to avoid penalties and interest.

E) Key Takeaways
• Verify PAN/Aadhaar-linked bank details
• Reconcile AIS/26AS before filing ITR
• Regularly check GST portal notifications
• Ensure accurate e-invoice data
• Maintain strong vendor compliance

3) Rajasthan Government has exempted Micro, Small, and Medium Enterprises (MSMEs) with 0-10 employees from Shop & Establishment Act registration, aiming to promote entrepreneurship and ease business operations.

A) Key Details:
• Exemption Criteria: MSMEs with 0-10 employees are exempt from registration under the Rajasthan Shops and Commercial Establishments Act, 1958.
• Registration Process: Previously, all shops and commercial establishments in Rajasthan were required to register within 30 days of starting operations.
• Benefits: This exemption simplifies compliance, reduces regulatory hurdles, and promotes business growth.
• Applicable Establishments: The exemption applies to MSMEs, including shops, restaurants, and service providers, with 0-10 employees.

B) Other Exempted Establishments:
• Government offices and establishments
• Medical facilities and hospitals
• Educational institutions
• Non-commercial libraries
• Certain types of shops (e.g., pharmacies, bakeries)

C) Registration Requirements:
• For establishments with 11-50 employees: ₹20,000 registration fee
• For establishments with 51-100 employees: ₹50,000 registration fee
• For establishments with over 100 employees: ₹1,50,000 registration fee

4) For Our Daily Updates you can also join our WhatsApp Community: https://chat.whatsapp.com/EsU6ma15SVm6cs0BFMPRTD

With best regards
CA (Dr) Raj Chawla
Cell: 98110-81083

29/11/2025

Respected Members,

NICAI is organizing a Webinar on Key changes in the Income tax act 2025 vis-a-vis 1961

Date: Saturday, 29th November 2025

Time: 4:00 PM to 5:30 PM IST

Speaker:
Adv (CA) Shikhar Garg

Session Moderator:
CA Manish Garg

Key highlights.
1. An insightful comparative session on the major transformations from the Income-tax Act, 1961 to the new Income-tax Act, 2025.
2. Understand how the new Act simplifies structure, reduces complexities, and modernizes India’s tax framework.
3. A section-wise analysis of assessments, business income, TDS/TCS, definitions, and procedural changes introduced in the 2025 Act.
4. Practical insights for CAs on how compliance, assessments, and litigation will evolve under the new regime.
5. Learn the impact of the new tax architecture on day-to-day practice, documentation, and advisory functions.
6. A concise, practitioner-oriented presentation designed to help professionals transition smoothly to the 2025 tax framework.

Fees: 200

for payment: https://rzp.io/rzp/T04r21r

Warm regards,

Vidhi
9711081083

CA (Dr) Raj Chawla
9811081083

29/11/2025

Quotes of the Day;

1. Distance never breaks a Relation and Closeness never builds a Relation. If feelings are True, Honest & Sincere, All Relations will remain FOREVER.

2. A simple formula for happy life. Never try to defeat anyone, just try to win everyone, Don't laugh at anyone but laugh with everyone.

NICAI Update;

1. Kerala High Court has held that the State Bank of India (SBI) cannot be treated as an 'assessee in default' under Section 201 of the Income Tax Act for not deducting Tax Deducted at Source (TDS) on Leave Travel Concession (LTC) payments, as it was bound by an interim order which prohibited such deduction.

2. Justices A. Muhamed Mustaque and Harisankar V. Menon examined whether the SBI, having been restrained by an interim order of the High Court from deducting TDS, could be held to be an assessee in default under Section 201 of the Income Tax Act,1961, for non-deduction of TDS on LFC payments.

3. Section 201 of the Income Tax Act, 1961, outlines the consequences for failure to deduct or pay Tax Deducted at Source (TDS) as required by law.

4. In this case, the State Bank of India/assessee (appellant) has been providing reimbursement of Leave Travel Concession (LTC) to its employees.

5. Pursuant to a circular dated 15.04.2014 issued by the bank, LTC as regards overseas travel facility to the employees stood withdrawn. The circular was challenged before the Madras High Court at the instance of the association of the employees of the bank. The Madras High Court stayed the operation of the circular.

6. Later, the stay order as above was sought to be modified/clarified at the instance of the petitioners therein complaining that the bank (assessee) was taking steps to 'deduct tax at source', treating the payments to the employees on the basis of the interim order as 'income' of the employees.

7. The Madras High Court, therefore, issued an interim order clarifying the earlier order. The interim order says that any amount paid to the petitioner towards LTC or re-imbursement of LTC would not amount to income, so as to enable the Bank to deduct tax at source.

8. The assessee contends that in view of the interim order, no tax could be deducted while making payment to the employees, since, in the order, it was found that the payment to the employee would not amount to his income to enable the bank to deduct tax at source.

9. The department argued that insofar as steps under Section 201 of the Income Tax Act were initiated with reference to the deduction within the State of Kerala, the interim orders issued by the Madras High Court were of no consequence, and hence the assessee cannot seek refuge thereunder.

10. As the assessee, having complied with the orders of the Madras High Court, cannot be treated as an 'assessee in default' under the provisions of Section 201 of the Act, stated the bench.

11. The bench opined that even though the main writ petition/writ appeal has been later disposed of insofar as the interim order has directed the treatment of the amount paid without deduction of tax in the manner laid down therein, the assessee bank cannot be treated as an assessee in default.

12. The bench further stated that since the Act is an all-India statute and since what was challenged before the Court was the circular issued by the bank at the instance of the Association of Bank employees, the assessee cannot be faulted for having honoured the stay orders issued by the Madras High Court.
In view of the above, the bench allowed the appeal. Case Title: State Bank Of India v. Commissioner of Income Tax

13. J&K And Ladakh High Court has ruled that trade between J&K and PoK (Pakistan occupied Kashmir) is ‘Intra-State supply’ under GST Act, since PoK Is part of J&K Territory. Hence, CGST & SGST shall be applicable and not IGST.

14. For getting more updates on job vacancies by employers and employees. Kindly join our page CA Empanelment Network: https://www.facebook.com/groups/1381553892168021

With best regards
CA (Dr) Raj Chawla
Cell: 98110-81083

NICAI Update

02/01/2026

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06/12/2025

05/12/2025

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