NICAI Update
CA Raj Chawla
Quotes of the day;
1. The sunshine in the morning is so real and warm, it gives a message for us to stay strong, to face life’s all the test, to prove that we are the best.
2. We can never prove to be good enough for everyone. But we are the best for those who understand us. Everything in the world is Beautiful, depending on our thoughts.
NICAI Update;
1. CBDT has issued an important order under the new Income Tax Law regarding correction of PAN data. The Directorate of Income-tax (Systems), under Rule 158(12) of the Income-tax Rules, 2026 read with Section 262(4) of the Income-tax Act, 2025, has notified new Forms and procedure for PAN correction.
2. Important Karnataka High Court Decisions Every GST Taxpayer in Karnataka Should Know Instakart Services Pvt Ltd – Genuine buyer’s ITC vs supplier default / NGTP In my view, the most important GST judgment from Karnataka High Court for honest buyers is Instakart Services Private Limited v. Union of India & Ors. This case is repeatedly described in professional articles as the “genuine buyer cannot be punished” ruling.
3. India’s technology sector is sitting on a structural fault line that quarterly earnings have not yet fully exposed. Motilal Oswal Financial Services, in its sector update dated May 4, warned that large-cap IT revenues will decelerate in FY27, as artificial intelligence-driven cost compression accelerates faster than new AI revenue opportunities can replace what is being lost.
4. AI deflation is now measurable Motilal Oswal said in its May 4 report that the cost of delivering an IT services outcome has fallen sharply, and those savings are currently being extracted almost entirely by enterprise buyers rather than flowing back to service providers or model companies.
5. 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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