NICAI Update

[CA Raj Chawla]

Respected Members,

 

Quotes of the day;

 

1. Life can never promise you to be always happy, but life gets better after you accept things you just can't change.

 

2. Respect is most important element of our personality. It is like an investment. Whatever we give to others, It will return to us with profit. Be Human and give respect to all.

 

NICAI Update;

 

1. The Income Tax Department has released Excel utility versions of Income Tax Return (ITR) forms 1 and 4 for the Assessment Year 2026-27 (FY 2025-26) while also starting online filing for the same forms These tools are now available for download on the official income tax e-filing portal, allowing eligible taxpayers to start preparing for the filing of income tax returns.

 

2. The Income Tax Department has drawn up an aggressive litigation management strategy for 2026-27 with a view to speeding up disposal of tax appeals. The new drive will focus on high-value disputes, and cutting long-pending legacy cases despite substantial vacancies in appellate authorities.

 

 

3. It has disposed of over 2.24 lakh appeals in FY26, substantially higher than the 1.79 lakh fresh appeals instituted during the year, bringing down pending appeals to 4.95 lakh from 5.4 lakh a year earlier, according to the Central Action Plan (CAP) 2026-27.

 

4. The Central Board of Indirect Taxes and Customs (CBIC), through Circular No. 25/2026-Customs dated 14.05.2026, extended the validity of earlier customs circulars issued under Section 143AA of the Customs Act, 1962 in response to disruptions in maritime routes caused by the closure of the Strait of Hormuz.

 

 

5. The circular stated that, after considering the prevailing circumstances, the Board decided that the facilities granted under Circular Nos. 09/2026-Customs dated 08.03.2026, 10/2026-Customs dated 10.03.2026, 12/2026-Customs dated 17.03.2026, 15/2026-Customs dated 27.03.2026, 19/2026-Customs dated 10.04.2026, and 21/2026-Customs dated 15.04.2026 would continue to remain in force up to 30.06.2026. The Board clarified that all other facilities, terms, and conditions prescribed in the earlier circulars would remain unchanged. The circular further stated that any implementation difficulties may be brought to the notice of the Board for necessary action.

 

 

6.  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)

712, New Delhi House

27,Barakhamba Road, New Delhi-110001

Ph. Off. 011-43581083

Cell: 98110-81083

rajch...@gmail.com