NICAI Update
CA Raj Chawla
Quotes of the day;
1. Anyone who keeps learning stays young. The greatest thing in life is to keep your mind young.
2. BLESSED is the Person Who understands that The Reason for Praying is Not to have all He Wants But to THANK GOD FOR ALL HE HAS GIVEN.
NICAI Update;
1. The Income Tax Department on May 27, 2025 enabled ITR-2 online filing and excel utility for A.Y. 2026-27 on the e-Filing ITR portal. This means students, pensioners, salaried and others who are not required to undergo an income tax audit can now start filing their ITR. You can either use the offline excel utility or the online utility or ITR e-filing website to file your income tax return (ITR).
2. The due date for filing ITR for AY 2026-2027 (FY 2025-2026) is on or before July 31, 2026. For Tax Year 2026-2027 the ITR filing due date is July 31, 2027. However, if your total annual income is less than Rs 2.5 lakh, you don't need to file an ITR. But if your salary income is up to Rs 12.75 lakh.
3. Union Finance Minister Nirmala Sitharaman said the government is willing to listen to concerns raised by stock market investors regarding the tax system, including issues related to Long-Term Capital Gains (LTCG) and Short-Term Capital Gains (STCG) taxation. The Union Finance Minister said the government remains open to receiving suggestions and feedback from investors on the matter.
4. On this specific issue, and on any issue, we are always ready and willing to listen to the people. We will certainly take their inputs," Sitharaman said while responding to questions regarding demands from stock market participants for a review of LTCG and STCG taxes.
5. Andhra Pradesh High Court set aside a GST assessment order dated 29.12.2025 issued against the petitioner company because the order covered two financial years, namely 2018-19 and 2019-20, through a single composite assessment. The petitioner contended that passing one assessment order for multiple financial years violated Sections 73 and 74 of the GST Act, 2017.
6. The Court referred to an earlier Division Bench judgment in W.P. No.11028 of 2025 and batch, which held that a single show-cause notice or composite assessment order cannot be issued for more than one tax period or more than one financial year once the due date for filing the annual return has been reached.
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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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