NICAI Updates
CA Raj Chawla
Quotes of the day:
1. Remember, There is No Wine if Grapes are not Crushed, No Perfume if Flowers are not Crushed. So don’t be Afraid if there are Pressures in Your LIFE. It will Bring the BEST the Best Out of You.
2. Remember, no storm lasts forever. Hold on, Be brave, Have faith. Every storm is temporary and we're never alone.
NICAI Updates
1. The Income Tax Department has detected sales suppression worth ₹408 crore after conducting a nationwide survey on 62 restaurants across 46 cities in 22 states. This initiative was triggered by AI-driven data analysis, which identified potential tax evasion patterns in the food and beverage industry .
2. The survey, conducted on March 8, 2026, revealed that several restaurants had been deleting bulk bills and modifying transaction records to suppress their actual turnover. The department has identified around 63,000 restaurants for further scrutiny and is encouraging them to update their tax returns before March 31, 2026, under the SAKSHAM NUDGE campaign .
3. Key Findings:
Sales Suppression*: ₹408 crore detected in surveyed restaurants
- *Restaurants Scrutinized*: 62 across 46 cities in 22 states
- *Data Analyzed*: Transactional data of 1.77 lakh restaurants
- *Potential Tax Evasion*: Estimated ₹70,000 crore nationwide
4. The Income Tax Department is using advanced analytics and AI tools to identify discrepancies in reported sales and actual transactions. This move aims to promote voluntary compliance and curb tax evasion in the restaurant sector .
5. GST Registration Cancellation Can Be Reconsidered If Pending Returns & Dues Are Paid: Case Name : Sanjaiso Halai Vs Union of India And 2 Ors (Gauhati High Court)
6. Central Information Commission (CIC) has advised the National Financial Reporting Authority (NFRA) to place orders, directions, circulars and policy decisions affecting audit practices and standards in the public domain.
7. The observation came while disposing of a second appeal under the RTI Act seeking documents related to NFRA permitting auditors or audit firms to be represented by legal counsel during oral hearings.
8. The NFRA, set up by the government in 2018 under the Companies Act, 2013, regulates auditors and monitors compliance with accounting and auditing standards by companies. It also oversees the quality of audit services to ensure reliability in financial reporting.
9. Follow the CA Raj Chawla NICAI Update Channel on WhatsApp to get the latest ICAI news, announcements, professional updates, and important notifications instantly Link :https://whatsapp.com/channel/0029Vb6q4i8LNSZwQ3bbxY2j
With best regards
CA (Dr) Raj Chawla
B.Com (Hons), FCA, FCS, FCMA, LLB
MIMA, DISA, MICA, Phd, ASA (Aust), CMP (USA)
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