NICAI Update
CA Raj Chawla
Quotes of the day:
1. ACCEPTANCE is a great quality that we need to possess, Because LIFE never accepts how WE are, but WE need to accept how LIFE is. Be Positive always.
2. You have to grow from the inside out. None can teach you, none can make you spiritual. There is no other teacher but your own soul.
NICAI Update:
1. The income-tax department will roll out the new Income-Tax Act, 2025 from April 1 with only 54 of the 190 Forms, required under the new law, operational initially to ensure a smooth transition. The remaining forms will be introduced in phases during the financial year 2026-2027 (FY27).
2. According to the 30th report of the Standing Committee on Finance tabled in both the Houses of Parliament last week. Income-Tax Act 2025 Rollout 'Critical and time-sensitive requirements will be completed and made operational by March 31,' the Department of Revenue (DOR) said in its submission to the parliamentary panel chaired by Bhartruhari Mahtab.
3. Buying a Dubai property on your credit card might have seemed like a clever move, but it's turning out to be a costly mistake for many Indians. The Enforcement Directorate (ED) is now issuing notices to those who used this route, as it may violate the Foreign Exchange Management Act (FEMA) rules .
4. Using a credit card to buy overseas property is considered a capital account transaction, which isn't allowed under FEMA. This means Indians who took this route might have unknowingly broken the rules. The consequences aren't simple: penalties, reversing payments, or even selling the property at a loss are possible outcomes.
5. Key Issues with Using Credit Cards for Dubai Property Purchases:
· FEMA Violation: Using credit cards for overseas property purchases breaches FEMA regulations.
· Limited Options_: Only remittances through banks under the Liberalised Remittance Scheme (LRS) are allowed for such transactions.
· Penalties_: You might face fines, and the ED may even seize assets.
· Regularization_: You can approach the RBI to regularize the transaction, but it involves a lengthy process and potential penalties.
6. Gujarat High Court examined cross appeals arising from an order of the Income Tax Appellate Tribunal (ITAT) relating to Assessment Year 2001–02. The dispute concerned tax treatment of payments made under a voluntary retirement scheme, and the character of consideration received for transfer of trademarks and marketing rights by the assessee to a joint venture company.
7. 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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