NICAI Update
CA Raj Chawla
Quotes of the day:
1. Behaviour has always an Edge over KNOWLEDGE. There are many Situations where Knowledge Fails but Behavior Handles Everything.
2. Failure is something that happens. Why focus on our failures when we could focus on our success.
NICAI Update:
1. Gujarat High Court held that just because the bank (SBI) reported high-value debit and credit entries in the assessee’s account, the Assessing Officer could not reopen assessment under section 148A merely to make a fishing/roving inquiry, especially when all transactions were through banking channels, parties were identified, details were furnished and there was no specific material suggesting that any income had actually escaped assessment; therefore, the section 148A order and consequential section 148 notice for AY 2019-20 were quashed.
2. January 2026 is beginning, and with this, there are important GST and Income Tax changes that every taxpayer should note. This is an important compliance video-style update in written form, because many issues happen not due to intention, but due to missed timelines, lack of monitoring, and not being aware of how the portal is now taking actions automatically.
3. If you want to stay tension-free and avoid consequences like late fee, return blocking, registration suspension, and higher TDS, then you must take these updates seriously and implement them as a checklist. Please read till the end and share with anyone who needs this compliance clarity.
4. Pension Fund Regulatory and Development Authority (PFRDA) has approved a new framework allowing Scheduled Commercial Banks (SCBs) to independently set up pension funds for managing the National Pension System (NPS), a move aimed at strengthening India’s pension ecosystem. The move is expected to enhance competition, deepen institutional participation and better safeguard subscriber interests, the pension regulator said. From Distributors to Managers
5. The proposed framework seeks to ease regulatory constraints that have so far limited banks’ participation in pension fund management. It introduces clearly defined eligibility criteria based on net worth, market capitalisation and overall prudential soundness, aligned with norms prescribed by the Reserve Bank of India (RBI).
6. 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" . https://msmebook.indiansmechamber.com/
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
Ph. Off. 011-43581083
Cell: 98110-81083