NICAI Updates

Respected Members:
Quotes of the Day:
  1. The most useful ASSET of a person is not a HEAD FULL of KNOWLEDGE but A HEART full of LOVE with EARS open to LISTEN and HANDS willing to HELP.
  2. TRUST Takes YEARS to BUILD, SECONDS to BREAK and FOREVER to REPAIR. Maybe it's HARD to FORGIVE others for MISTAKES But To TRUST again is the HARDEST.

NICAI Updates:

  1. Central Board of Direct Taxes has substituted Rule 114AAA to notify consequences that shall apply if a PAN becomes inoperative due to non-linking with Aadhaar. The consequences include no refund, no interest payable on refunds, and higher tax deductions/collections.
  2. Bombay High Court on time limit to file compounding application. The High court held that the Board can not issue a time limit when the provisions of act are silent on the same.
  3. Form 10F : Partial relaxation provided to Non-residents not having PAN and not required to have it under the provisions of Income-tax Act, 1961 to file Form 10F manually is further extended till 30th September 2023.
  4. Madras High Court stated that Businesses are often implicated and fined for carrying an expired e-way bill during transit. But it doesn’t necessarily mean that the intention was to evade tax payment. Case : Thiruvannamallayer Transport vs Deputy State Tax Officer, Vellore.
  5. SEBI extended The last date for mutual funds investors to specify nominee details to September 30, 2023. Earlier the deadline was March 31, 2023. Through a circular on March 28, 2023.
  6. The Employees Provident Fund Organisation (EPFO) has fixed the interest rate at 8.15% for financial year 2022-23 as per the press release issued on March 28, 2023.
  7. The Trade Receivables Discounting System (TReDS) launched by the Reserve Bank of India (RBI) for MSMEs to finance or discount their invoices has financed 54.56 lakh invoices till February 2023.
  8. ICAI has issued Excel Utility for the Audit of Bank Branches. Link for downloading the Excel Utility -
  9. For our Daily Updates you can also join our WhatsApp group:

With best regards
CA (Dr) Raj Chawla
Central Council Member of ICAI
B.Com (Hons), FCA, FCS, FCMA, LLB
712, New Delhi House
27,Barakhamba Road, New Delhi-110001
Ph. Off. 011-43581083
Cell: 98110-81083
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