CAclubindia News

ICAI Code of Ethics 2026 Recommends Digital-Only Payment of Audit Fees

04 June 2026 at 09:37

ICAI's Code of Ethics 2026 recommends that chartered accountants and firms accept audit fees only through digital modes or banking channels, promoting transparency, accountability and professional integrity.

Posted in Audit | 252 Views

RBI Denies Reports of Gold Sale, Confirms Gold Reserves Unchanged at 880.52 Tonnes

04 June 2026 at 09:30

RBI has clarified that reports suggesting the sale of its gold reserves are incorrect. The central bank confirmed that its physical gold stock remains unchanged at 880.52 tonnes and urged the public to rely on official information.

Posted in Others | 42 Views

India Engages with US Over Proposed Section 301 Tariffs

04 June 2026 at 09:24

The USTR has proposed additional tariffs on imports from India and 59 other economies under Section 301 proceedings. India remains engaged with the US while also working toward finalizing a bilateral trade framework agreement.

Posted in Others | 33 Views

Supreme Court Holds Casino Winnings Payouts Do Not Reduce GST Liability

03 June 2026 at 09:41

The Supreme Court has ruled that GST on casino transactions is payable on the full amount staked by players and not on Gross Gaming Revenue (GGR), holding that tax liability arises when a bet is placed.

Posted in GST | 1 comments | 414 Views

CBDT Notifies Infrastructure Sub-Sectors as Eligible Businesses Under Income Tax Act, 2025

03 June 2026 at 09:27

The Central Board of Direct Taxes (CBDT) has notified infrastructure sub-sector businesses as specified businesses under Schedule V of the Income-tax Act, 2025. The notification takes effect from June 1, 2026.

Posted in Income Tax | 3159 Views

Form No. 27 Under IT Act 2025: CBDT Issues FAQs on Asset Attribution After Firm Reconstitution

02 June 2026 at 09:29

CBDT has released detailed FAQs on Form No. 27 under the Income-tax Act, 2025, explaining filing requirements, valuation rules, compliance obligations, and reporting of capital assets after dissolution or reconstitution of specified entities.

Posted in Income Tax | 3372 Views

ICAI President Unveils Major MSME, Sustainability and Digital Transformation Initiatives in June 2026 Message

02 June 2026 at 09:16

ICAI President CA Prasanna Kumar D highlights the crucial role of MSMEs in India's growth story, outlines ICAI's initiatives for entrepreneurship development, and shares key updates on sustainability

Posted in Professional Resource | 2322 Views

GST Collections Rise 3.2% to Rs 1.94 Lakh Crore in May 2026

02 June 2026 at 09:15

India's gross GST collections reached Rs 1.94 lakh crore in May 2026, registering 3.2% growth year-on-year. After adjusting for a one-time telecom payment in May 2025, GST revenue growth stood at 9%.

Posted in GST | 156 Views

Income Tax Department Releases Updated Common Offline Utility for ITR-1, ITR-2 and ITR-4 for AY 2026-27

01 June 2026 at 09:41

The Income Tax Department has released Version 1.1.0 of the Common Offline Utility for filing ITR-1, ITR-2 and ITR-4 for AY 2026-27. Download the latest utility released on May 29, 2026.

Posted in Income Tax | 432 Views

Centre Revises Central Excise Duty Rates on Petroleum Products from June 1, 2026

01 June 2026 at 09:30

The Ministry of Finance has revised Central Excise Duty rates on specified petroleum products through Notifications No. 24/2026 and 25/2026. The revised rates will come into effect from June 1, 2026

Posted in Excise | 3171 Views