NICAI Update
CA Raj Chawla
Quotes of the day:
1. Any person can make you realize how wonderful the world is But only a few will make you realize how wonderful you are in the world.
2. Believe in yourself and all that you are. Know that there is something inside you that is greater than any obstacle.
NICAI Update:
1. Delhi ITAT (SMC), in Shalu Yadav v. ITO (ITA No. 7973/Del/2025, AY 2017-18; order dated 24.12.2025), has partly allowed the Assessee’s appeal, substantially reducing the addition made on demonetisation cash deposits and holding that section 115BBE is inapplicable.
2. Ministry of Finance on Wednesday issued a notification announcing discontinuation of the Goods and Services Tax (GST) compensation cess on tobacco and related products effective February 1, marking the end of a temporary levy introduced in 2017 to offset state revenue losses during the GST rollout and extended to repay Covid-era borrowings.
3. A separate Health Security and National Security Cess has been introduced on pan masala and related items to maintain high taxation levels, with proceeds earmarked for public health initiatives and national security will also come into effect from February 1.
4. ICAI has extended the deadline for completing and reporting your CPE hours for Calendar Year 2025 from 31st Dec 2025 to 31st March 2026. This applies to all members (with or without COP) to avoid any hardship.
Key Highlights:
• CPE Hours: Earn and comply by 31st Mar 2026 – they’ll count fully for 2025.
• ULA Activities: Filing deadline also extended to 31st Mar 2026.
• If you’ve already completed hours (1st Jan to 31st Mar 2026): They can be credited 2026 if needed.
• Consequential Actions: Level I provisions kick in from Apr-Jun 2026; no changes to Level II.
5. For getting more updates on job vacancies by employers and employees. Kindly join ourpage CA Empanelment Network: https://www.facebook.com/groups/138155389216801
With best regards
CA (Dr) Raj Chawla
B.Com (Hons), FCA, FCS, FCMA, LLB
MIMA, DISA, MICA, Phd, ASA (Aust), CMP (USA)
712, New Delhi House
27,Barakhamba Road, New Delhi-110001
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