NICAI Update
CA Raj Chawla
Quotes of the day:
1. Life is Beautiful. One day, One Hour and One Minute, will not come again in Your Entire Life.Avoid Fights, Angriness and speak lovely to every person you come across.
2. A Satisfied Life is Better Than A Successful Life. Because Our Success Is Measured By Others But Our Satisfaction Is MeasuredBy Our Own Soul, Mind & Heart.
NICAI Update:
1. Central Board of Direct Taxes (CBDT) has extended the due date for issuing Tax Deducted at Source (TDS) certificates for the third quarter (ending December 31, 2025) to March 31, 2026. This move is aimed at providing relief to deductors who faced technical glitches on the e-filing portal, making it difficult to generate and issue TDS certificates within the original deadline .
2. The extension applies to TDS certificates under Section 203 of the Income Tax Act, 1961, read with Rule 31 of the Income-tax Rules, 1962. This means that deductors, including employers, banks, and other institutions, now have until March 31, 2026, to issue TDS certificates for the quarter ending December 2025.
3. Key Points:
· Extended Deadline_: March 31, 2026
· Applicable to_: TDS certificates for Q3 (October to December 2025)
· Reason_: Technical glitches on the e-filing portal
· Benefit_: Deductors get more time to comply without facing penalties.
4. Foreign Contribution (Regulation) Amendment Bill, 2026 proposes significant reforms to strengthen regulation, monitoring, and management of foreign contributions and assets in India. The Bill introduces a comprehensive framework by replacing existing provisions with a new mechanism for vesting, supervision, and disposal of foreign-funded assets through a designated authority. It provides for both provisional and permanent vesting of assets where registration is cancelled, surrendered, or ceases, ensuring better control and preventing misuse.
5. Key changes include defining “key functionaries,” prescribing timelines for utilisation of foreign contributions, and mandating prior government approval before initiating investigations. The Bill also rationalizes penalties, clarifies liability of responsible persons, and enhances transparency in asset handling. By addressing operational gaps and ambiguities in the existing law, the amendments aim to ensure accountability, safeguard national interest, and streamline enforcement of foreign contribution regulations.
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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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