NICAI Update
CA Raj Chawla
Quotes of the day:
1. Life is the Best School, Hardship is our Best Teacher, Problem is the Best Assignment and Failure is the Best Revision. Keep motivating yourself.
2. Competitors can copy your work, your style or your Procedure. But, None can copy your PASSION. If you hold it Firmly, The World is Yours.
NICAI Update:
1. Lok Sabha has approved the Finance Bill 2026 with 32 amendments, marking a significant step towards implementing the government's financial plans for the fiscal year 2026-2027. Finance Minister Nirmala Sitharaman emphasized that the reforms are driven by conviction, aiming to benefit the middle class and small businesses.
2. Key Highlights:
· Capital Gains Tax*: A 12% surcharge on capital gains tax for promoters in share buybacks, making the effective tax rate 22% for corporate promoters and 30% for non-corporate promoters.
· Startup Tax Holiday*: The turnover threshold for startups eligible for tax holiday has been raised from ₹100 crore to ₹300 crore.
· Reassessment Notices*: Taxpayers will have a minimum 30-day window to respond to reassessment notices.
· Trust-Based Tax Administration*: The government aims to simplify procedures and reduce litigation risks, promoting voluntary compliance and widening the tax base.
· Simplified Income Tax Law*: The new Income Tax Act, 2025, will come into effect from April 1, 2026, with simplified language and removal of redundant provisions.
· These changes are expected to ease compliance, reduce disputes, and promote economic growth. The Finance Bill will now be taken up by the Rajya Sabha for approval .
3. 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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