NICAI Update
CA Raj Chawla
Quotes of the day;
1. Life is at its weakest when there is more doubt than trust. But life is at its strongest when one learns to trust despite all the doubts.
2. Worries and Tensions are like birds, We can't stop them from flying near us But We can certainly stop them from making a nest in our mind.
NICAI Update;
1. ITAT Chennai, cancelled a penalty of Rs 10 lakh imposed on a salaried taxpayer who had failed to declare ESOPs, his foreign company shares, in his income tax return. The employee had been posted abroad by his Indian employer and was granted ESOPs — or shares — of the foreign parent company as part of his job.
2. The assessee filed his return of income for AY 2016–17 on 22.02.2018, wherein he failed to disclose the said foreign assets in Schedule FA. Schedule FA is the section of the income tax return where details of foreign assets and income must be filled in.
3. This omission triggered a penalty. Accordingly, penalty proceedings under Section 43 of the BMA for non-disclosure of foreign assets in Schedule FA were initiated, and a penalty of Rs 10 lakh was levied.
4. GST Advisory to Taxpayers and Stakeholders – Enhancements in the e-Way Bill (EWB) Portal
date : May 21st, 2026. As part of the ongoing efforts towards strengthening data quality, traceability, and operational efficiency in the E-Way Bill (EWB) system, certain functional enhancements are proposed to be introduced in the EWB portal.
5. The advisory covers the following proposed changes: a)Mandatory capture of “Ship-To GSTIN” in Bill-To Ship-To transactions for improved traceability and data accuracy; and
b)Introduction of EWB Closure functionality to enable taxpayers to voluntarily close E-Way Bills in specified scenarios.
6. The advisory also includes the proposed implementation timelines and necessary action points for stakeholders to undertake requisite system changes and preparedness activities.
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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)
712, New Delhi House
27,Barakhamba Road, New Delhi-110001
Ph. Off. 011-43581083
Cell: 98110-81083