NICAI Updates
CA Raj Chawla
Quotes of the day:
1. The Journey Of Life Starts with a Full Bag of Luck and an Empty Bag of Experience. The Goal is to fill the Bag of Experience before the Bag of Luck gets Empty.
2. Everything is Valuable in just TWO SITUATIONS. Before Receiving & After Loosing. Try to value things when they are With US.
NICAI Updates
1. The Income Tax Department has launched a nationwide verification exercise, focusing on restaurants suspected of suppressing turnover. As part of this effort, the department has commenced the SAKSHAM NUDGE campaign, aiming to guide and advise taxpayers to correct their mistakes .
Key Highlights:
2. Targeted Communication: Emails and messages will be sent to identified restaurants in the first phase.
3. Correcting Mistakes: Taxpayers are advised to file updated returns under Section 139(8A) of the Income Tax Act before March 31, 2026.
4. Voluntary Compliance: The campaign encourages voluntary correction, reflecting a trust-first approach.
5. The NUDGE campaign leverages data analytics and technology to promote transparency and taxpayer convenience. Similar initiatives have seen significant participation, with over 21 lakh taxpayers updating their ITRs and paying ₹2,500 crore in taxes.
6. Hyderabad ITAT considered an appeal filed by the assessee against the order of the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, dated 17 July 2025. The appeal arose from an assessment order passed by the Assessing Officer under Section 147 read with Section 144B of the Income-tax Act, 1961 on 24 February 2024 for Assessment Year 2015–16. The assessee challenged the validity of the reassessment proceedings, the notice issued under Sections 148 and 148A, and the addition of ₹1,33,40,906 made under Section 69A as unexplained money.
7. Jammu and Kashmir High Court ruled that pension is protected from attachment only until they are paid out; once the funds hit a pensioner's bank account, they can be recovered for guarantor liabilities. This judgement came about in a case involving a retired forest department officer who acted as a guarantor for Rs 15 lakh home loan taken by two borrowers. When the borrowers defaulted on the home loan repayment, the bank deducted Rs 4.64 lakh from his pension account. He had retired in 2018 and got Rs 35,350 monthly pension in the Rajouri, J&K branch of the bank. On October 9, 2019, two persons Smt Kumari and Mr Kumar had taken a home loan from this bank for Rs 15 lakh and he stood as guarantor for this loan. The loan was secured via a registered mortgage of leasehold rights of the land and the house constructed on this land.
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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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