NICAI Update
CA Raj Chawla
Quotes of the day;
1. Life is the art of drawing without an eraser. So always be careful while taking any small decisions about valuable pages of the life.
2. Life always gives you an opportunity to bounce back if any of your decisions went wrong. If you learn grom your failures and mistakes, nobody can stop you.
NICAI Update;
1. As of April 1, 2026, the venerable Income-tax Act of 1961 has been officially repealed, making way for the Income Tax Act, 2025. With this transition comes a complete overhaul of the Permanent Account Number (PAN) framework. If you are a Non-Resident Indian (NRI), a foreign company investing in India, or an authorized signatory for a cross-border entity, the new PAN rules 2026 are no longer just “policy talk”—they are immediate compliance requirements.
2. To extend affordable shipping insurance cover amid the West Asia conflict, the government launched the ‘Bharat Maritime Insurance Pool’ (BMIP), a $1.5 billion domestic insurance mechanism backed by a sovereign guarantee of $1.4 billion, or nearly Rs 12,980 crore. The pool has been created to ensure uninterrupted maritime insurance coverage for Indian-flagged or Indian-controlled vessels, as well as ships operating to and from India.
3. Delhi High Court to Tax Department: 100% Shareholding Doesn’t Make You Owner of Company’s Property. Case Name : CIT Vs Pradeep Wig (Delhi High Court)
4. The Central Board of Indirect Taxes and Customs, Ministry of Finance, has issued Notification No. 01/2026 – Integrated Tax (Rate) dated 30th April 2026. Amendments have been made in Notification No. 09/2025 – Central Tax (Rate) dated 17th September 2025. Changes relate to the classification of specified goods under tariff heading 2202 across Schedule I (5%) and Schedule III (40%). The notification shall come into force from 1st May 2026.
5. The Prime Minister’s Office (PMO) is coordinating with various ministries and anchoring efforts to identify fresh opportunities to bolster foreign investments and exports besides reducing non-essential imports as India looks to contain the fallout of the West Asia war on its growth, inflation and current account, officials said.
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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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