NICAI UPDATES

 

1. Capital Gain cannot be treated as Bogus without any concrete evidence. Case Name : Shaily Prince Goyal Vs ITO (ITAT Mumbai). 

 

2. Effective July 9th, 2024, the GSTN has enhanced the permissible size for document uploads pertaining to Principal Place of Business and Additional Places of Business. This revision addresses longstanding concerns raised by the business community regarding document size limitations.

3. SEBI  issued new guidelines for Alternative Investment Funds (AIFs) availing dissolution, seeking additional liquidation periods, and handling in-specie distribution of assets. Schemes approaching dissolution must now file an information memorandum requiring a list of specified details with Sebi before the end of their liquidation or extended liquidation period.

 

4. Government is likely to come up with a Production Linked Incentive (PLI) scheme for underground mining equipment and heavy earth-moving machinery by 2025-26. The scheme shall be implemented over a period of five years, and would be designed to bolster the largely unexplored under-ground coal mining in the country.

 

5. ICAI aims to revolutionize the profession, fostering innovation, and positioning India as a global hub for accounting and financial services, aligned with the vision of a prosperous ‘Viksit Bharat’.

By CA.Raj Chawla