Happy New Samvat 2083
CA Raj Chawla
Wishing you and your family a very Happy Vikram Samvat 2083. May the new Samvat bring new opportunities, growth, prosperity, and success in all your endeavors. Have a blessed and wonderful year ahead.
Quotes of the day:
1. Worry Does not Take Away Tomorrow's Troubles. It Only Takes Away Today's Mental Peace & Concentration. Henceforth Stop Worrying & Start Concentrating.
2. A beautiful life does not just happen. It is built daily by prayer, humility, sacrifice and hard work.
1. ITAT Delhi, has delivered a significant ruling for property buyers and high-value real estate transactions, holding that a builder’s rebate or discount cannot automatically be treated as taxable income. The case involved Sh. Satya Prasan Rajguru vs DCIT (AY 2021–22), where the tax department attempted to tax a Rs 9.8 crore discount received by the buyer on the purchase of a luxury flat in Gurugram. The case: Rs 23 crore flat and Rs 9.8 crore builder discount The taxpayer had purchased a high-end apartment in DLF Camellias, Gurugram, for about Rs 23.13 crore, against a higher listed value of around Rs 32.95 crore.
2. The new tax regime, effective from FY 2025-26, is the default option for individuals offering lower tax rates and a rebate of up to ₹60,000. This means that if your taxable income is ₹12 lakh or less, you won't have to pay any income tax. However, it's essential to note that this regime comes with limited deductions, and popular exemptions like HRA and LTA are disallowed .
· Key Features of the New Tax Regime:
· Tax Slabs_: 0% tax up to ₹4 lakh,
· 5% on ₹4-8 lac
· 10% on ₹8-12 lac
· 15% on 12-16 Lac
· 20% on 16-20 Lac
· 25% on 20 -24 Lacs
· 30% on 24 Lac and above
o Rebate_: Up to ₹60,000 for taxable income up to ₹12 lakh
o Standard Deduction_: ₹75,000 for salaried employees
o Limited Deductions_: No HRA, LTA, or 80C deductions allowed
3. Who Benefits from the New Tax Regime?
· Individuals with taxable income up to ₹12 lakh
· Salaried employees with income up to ₹12.75 lakh (including standard deduction)
· Those who don't have significant deductions or exemptions
4. Opting Out: A Yearly ChoiceYou can opt out of the new tax regime and switch to the old regime, but this decision can be made only once a year. Business income rules differ, so it's crucial to assess your financial situation before making a choice.
5. The Institute of Chartered Accountants of India (ICAI) has released the 2026 edition of its Guidance Note on Audit of Banks, providing updated audit practices aligned with the latest regulatory and technological developments in the banking sector. This comprehensive resource covers critical areas such as treasury operations, digital banking audits, risk management, and GST compliance .
6. Key Highlights:
o Statutory Central Audit and Bank Branch Audit*: The guidance note is divided into two sections, offering detailed guidance on audit procedures for central and branch audits.
o Digital Banking and Cybersecurity*: Emphasis on emerging risks like cybersecurity threats, data integrity concerns, and operational complexities in banking systems.
o GST Compliance*: A dedicated chapter on GST compliance highlights the increasing regulatory focus on indirect tax compliance in banking operations.
o Risk Management and Internal Controls*: Auditors are expected to strengthen internal controls, ensure compliance, and improve financial reporting quality.
o The revised guidance note aims to enhance audit quality and maintain financial stability in India's banking sector.
7. 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
