NICAI Update
CA Raj Chawla
Quotes of the day;
1. Adjustments with right people is always better than Arguments with wrong people. A meaningful silence is always better than meaningless words. Patience is the key to success.
2. An arrow can only be shot by pulling it BACKWARD. When LIFE is dragging you back with difficulties, means it's going to launch you into something Great.
NICAI Update;
1. Chennai ITAT held that an assessment framed in the name of a deceased assessee without substituting the legal representative is void ab initio and without jurisdiction. The Tribunal reiterated that once the department is informed about the death of the assessee, proceedings must thereafter continue only against the legal representative in accordance with law.
2. The Reserve Bank on Monday discontinued the requirement for commercial banks to maintain the Investment Fluctuation Reserve (IFR), an additional buffer to hedge against depreciation in the value of investments. In view of the developments in the prudential frameworks governing market risk and investments for commercial banks, there is a need to amend the extant instructions.
3. it said while issuing Reserve Bank of India (Commercial Banks - Classification, Valuation, and Operation of Investment Portfolio) Second Amendment Directions, 2026. The requirement of IFR has been discontinued with effect from May 18, 2026, said a circular.
4. ICAI UDIN: New checklist introduced when selecting Section 44AB(e) clause during UDIN generation to STRICTLY identify Section 44AB(e) applicability of Tax Audits and prevent misuse of 60 Tax Audits limit in other clauses.
5. New fields entered in UDIN particulars for clauses where the presumptive scheme was not applicable.
a) Whether the Audit Report is original or Revised ?
b) If Revised TAR, enter UDIN of original TAR.
c) Nature of TAR assignment - Head Office or Branch (in case separate UDINs each are being made for Head Office and Branch)
6. New UDIN Dashboard introduced showing UDINs Quota Count section, Separate display for Total Tax Audit Count & Remaining Tax Audit Count.
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)
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27,Barakhamba Road, New Delhi-110001
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