NICAI Update
CA Raj Chawla
Quotes of the day;
1. Victory is easy to Handle, almost everyone can do it Efficiently. It's in DEFEAT that True measure of a PERSON'S GRACE and CHARACTER is Ascertained.
2. Happiness comes easier when you stop complaining about your problems and start being grateful for all the problems you don't have.
NICAI Update;
1. The CBDT has introduced a set of relaxations in PAN application requirements after market participants flagged operational challenges arising from the newly notified Income-tax Rules, 2026. The move follows consultations between the Securities and Exchange Board of India (SEBI) and the CBDT aimed at ensuring smoother onboarding for overseas investors.
2. Mandatory requirement for Peer Review w.e.f. 01.01.2027. Practice Units which propose to undertake audits of branches of Public Sector banks. Practice Units rendering attestation services and having 3 or more partners.
3. For these Practice Units, there is a prerequisite of having Peer Review Certificate before accepting any Statutory audit w.e.f. 01.01.2027.
4. The ICAI limit on Tax Audit assignments through the UDIN system is now active. Every CA member can only do 60 Tax Audits per financial year. This rule started on 1st April, 2026 and follows the Chartered Accountants (Limit on Number of Tax Audits) Guidelines, 2025. Only specific types of forms count toward this 60-audit limit. Here is the exact list using simple terms:
Forms That Count Toward the 60-Audit Limit
- Form 3CA - 3rd proviso to section 44AB
- Form 3CB - Section 44AB(a)
- Form 3CB - Section 44AB(b)
- Form 3CB (Combined) under section 44AB
Forms That DO NOT Count Toward the Limit
- Form 3CB - Section 44AB(c)
- Form 3CB - Section 44AB(d)
- Form 3CB - Section 44AB(e).
5. TCS chairman said generative artificial intelligence (Al) and agentic Al are set to enter a new phase of growth as Al has moved beyond being just a layer to the operating foundation. His words come at a time when the IT services giant has pivoted to become a full-stack Al provider.
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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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