NICAI Update
CA Raj Chawla
Quotes of the day:
1. If you have Reasons for Caring Someone, then You are using Your MIND. But if you CARE Someone for no REASON, then you are Using Your HEART, that is the RELATION.
2. Practice the Pause When in Doubt. Pause When Angry, Pause When Stressed, Pause When out of Ideas & Breath, Pause & When in Pause do only Pray.
NICAI Update:
1. Net direct tax collections for the current financial year rose 9.4% year-on-year to Rs 19.43 lakh crore as of February 10, reflecting steady growth in revenue mobilisation compared with the same period last year. The increase signals continued momentum in tax compliance and economic activity during the ongoing fiscal.
2. Data released by the Income Tax Department showed that net corporate tax collection grew 14.51 per cent to Rs 8.90 lakh crore, while taxes from non-corporates, including individuals and Hindu Undivided Families (HUFs), rose 5.91 per cent to about Rs 10.03 lakh crore. Securities Transaction Tax collection stood at Rs 50,279 crore between April 1 and February 10, almost flat as compared to the same period last year.
3. Government has created a special window for Foreign Direct Investment (FDI) of up to 20% in Life Insurance Corporation of India (LIC) through changes in the FDI Policy. This FDI in LIC has been allowed through the automatic route. The amendments to the FDI Policy by the Department for Promotion of Industry and Internal Trade (DPIIT) through Press Note 1 of 2026.
4. The changes in the policy would also allow for FDI up to 100% in an insurance company through an automatic route. Closing the Float Gap FDI limit will aid the offer for sale (OFS) in LIC, a large stock which commands a market cap of around Rs 5.6 lakh crore. The OFS is required to help the company meet the minimum public shareholding norms.
5. Rajasthan High Court disposed of a batch of writ petitions by a common order, taking facts from B. Civil Writ Petition No. 12413/2025. The petitioner, a proprietorship concern based in Karnataka, is engaged in trading arecanut and makes taxable supplies in the State of Karnataka. The dispute arose from an order dated 08.07.2025 passed under Section 130 of the Central Goods and Services Tax Act, 2017 (CGST Act), whereby penalty and fine aggregating to Rs. 53,33,125/- were imposed.
6. GST Refund Delay Beyond One Year Requires Decision Within Fixed Time: Case: ITPreneurs Technology Private Limited Vs Joint Commissioner & Anr (Delhi High Court)
7. For getting more updates on job vacancies by employers and employees Kindly join our page CA Job Network https://www.facebook.com/groups/200820690083153
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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