NICAI Update
CA Raj Chawla
Quotes of the day:
1. Sacrifice is greater than love, Character is greater than beauty, Humanity is greater than wealth, But In a relationship nothing is greater than TRUST.
2. Gaps are created NOT by What is Said But by How it is Said. What is Said Reaches the Mind But How it is Said reaches the Heart. And There is no way to win the Mind Without Winning the Heart.
NICAI Update:
1. Finance Minister Nirmala Sitharaman has called on tax officials to shift their approach, prioritizing taxpayer ease and leveraging technology to tackle evasion. The new Income Tax Act, effective April 1, 2026, aims to simplify compliance, reduce litigation, and promote transparency .
2. Key highlights of the new Act include:
o Simplification*: Reduced word count from 5.12 lakh to 2.6 lakh, with 39 new tables and 40 formulas for clarity.
o Reduced Litigation*: Focus on minimizing disputes and promoting taxpayer-government collaboration.
o Local Outreach*: Awareness sessions in local languages to educate taxpayers.
o Tech-Driven Enforcement*: AI and data tools to track and curb tax evasion.
3. Sitharaman emphasized, "Make paying tax so easy that honesty becomes the natural choice. But those who are wilfully evading, technology must catch them"
4. The new Act doesn't introduce new tax rates but simplifies language, removing redundant provisions and archaic language. It reduces sections from 819 to 536 and chapters from 47 to 23.
5. Entire Receipts Cannot Be Treated as Unexplained if Income Already Offered: Case Name : Suraj Vijay Kulkarni Vs ITO (ITAT Mumbai).
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)
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