NICAI Update

Respected Members,

We are organizing a Webinar on Peer Review Compliance.
Date: Saturday, 06th December 2025

Time: 4:00 PM to 5:30 PM IST

Speaker:
· CA (Dr) Raj Chawla
· CA Nakul Arora

Session Moderator:
· Mr. Satyam Gupta

Key highlights.
1. Overview of Peer Review Guidelines – 2022
2. Peer Review Mandate – Rollout & Implementation
3. Eligibility Criteria to Become a Peer Reviewer
4. Procedures of Peer Review
5. Clause 22 – Client List Requirements

Fees: 200
For payment: https://rzp.io/rzp/4BZGLof

Warm regards,

Anjali
9711081083

CA (Dr) Raj Chawla
9811081083

Quotes of the Day;



1. There is no Definition for a GOOD DAY or a BAD DAY. It all Depends on YOU & Your THOUGHTS that, Either You RULE the DAY or the DAY Rules You.



2. Be Honest when in Trouble and be Simple when in Wealth, Be Polite when in Power and be Silent when in Anger.



NICAI Update;



1. Income Tax Act, 2025 moves towards implementation from April 1, 2026, the finance ministry is reviewing and simplifying the compliance forms used by charitable institutions. They said the new Act has already reorganised exemption provisions into a clearer and more coherent structure, and the accompanying procedures and forms are now being examined. There is also another set of people working on the forms. The forms have not yet been modified.



2. ITAT Ahmedabad Quashes Entire ₹115 Cr Reassessment Assessee, a Pvt Ltd company dealing in shares, filed ROI declaring ₹9,00,890. AO reopened assessment alleging penny stock trading of ₹3.85 crore & completed reassessment u/s 147 r.w.s.144B making massive additions aggregating ₹115.22 crore, taxing them u/s 115BBE.



3. Supreme Court upholds GST exemption on renting of residential premises as hostels to students & working professionals.



4. Goods and Services Tax, Government of India provided Advisory for Furnishing of Bank Account Details as per Rule 10A dated 20th November, 2025.



5. For our Daily Updates you can also join our Telegram group: https://t.me/nicaiupdates



With best regards
CA (Dr) Raj Chawla
9811081083

Telegram: Contact @nicaiupdates

Quotes of the Day;



1. Raise your words, not voice. It is rain that grows flowers, not thunder.

2. Changes do not happen when circumstances improve.Changes happens when we decide to improve our circumstances.

Compliance Calendar update;

1. Compliance Calendar December-2025

7th December – Income Tax TDS

10th December – ITR (Audit Case)

10thDecember – GST TDS & TCS

11th December – GSTR-1

13th December – GSTR-1 (IFF)

15th December – Advance Tax (Oct to Dec 2025)

15th December – PF & ESI

20th December – GSTR-3B

30th December - 26QB, 26QC, 26QD, 26QE

31stDecember – Belated & Revised ITR

31st December – GSTR- 9 & 9C

31stDecember – AOC 4

31stDecember – MGT 7/7A

2. The Ministry of Corporate Affairs (MCA) has updated the definition of a Small Company, effective from 01.12.2025. The new criteria are as follows:
• Paid-up Capital: Up to ₹10 Crores
• Turnover: Up to ₹100 Crores

3. Key Highlights:
• The new thresholds aim to provide relief to small companies, reducing compliance requirements and promoting ease of doing business.
• The government has raised the limits to encourage entrepreneurship and support the growth of small businesses.
• Companies meeting these criteria will be classified as Small Companies and enjoy benefits, including reduced regulatory requirements.

4. Eligibility Criteria:
• Private companies with paid-up capital and turnover not exceeding the specified limits
• Excludes public companies, holding/subsidiary companies, Section 8 companies, and companies governed by special Acts

5. Benefits of being a Small Company:
• Reduced compliance requirements
• Easier regulatory framework
• Support for growth and entrepreneurship



6. For getting more updates and developments in the CA professional, kindly follow our LinkedIn : https://www.linkedin.com/feed/

With Regards,
CA (Dr) Raj Chawla
9811081083