CAclubindia News
ICAI Warns of Action Against CAs Violating New Tax Audit Limits
01 August 2025 at 09:31ICAI will implement a mandatory tax audit cap of 60 per partner from April 2026. Violators may face disciplinary action. ICAI also partners with IVCA and NSE arm, launches international ADR centre.
75 Year Old Senior Citizen Gets IT Notice for AY 2014
01 August 2025 at 09:1775-year-old receives an IT demand for AY 2014. Can old tax returns be reopened? Understand reassessment rules under Section 148, documentation tips and senior citizen support options.
Income Tax Department Targets Jewellery Sector Over Misuse of Inventory Valuation Rules
01 August 2025 at 09:08The Income Tax Department has uncovered cases of jewellers using the LIFO method, banned under ICDS II to undervalue closing stock and evade taxes amid skyrocketing gold prices. Investigations are underway.
Finance Ministry Introduces Premature Termination Clause in Customs & Excise Settlement Commission Rules
01 August 2025 at 08:59Centre amends rules for Customs & Excise Settlement Commission; allows termination of office bearers with compensation up to 3 months' pay.
India-UK FTA: ICAI Secures Global Recognition for Indian Chartered Accountants
01 August 2025 at 08:49ICAI secures global practice rights for Indian CAs under India-UK Free Trade Agreement.
Finance Ministry Pushes 100% FDI in Insurance for Faster Sectoral Growth
31 July 2025 at 09:26FM Sitharaman confirms 100% FDI in insurance to boost sector growth; government rules out any changes to crypto tax or GST on flex-fuel vehicles. Key updates also include smart meter progress, ADP fund allocation and GST collection trends.
Supreme Court to Conclude Hearings on Online Gaming GST Case
31 July 2025 at 09:17The Supreme Court is set to conclude hearings on the online gaming GST dispute, deciding whether 28% GST applies retrospectively on the full value of bets, impacting companies like Dream11, Gameskraft, and MPL.
Centre Notifies Concessional Guarantee Fee for Borrowings by Infrastructure Bank from Global Institutions
31 July 2025 at 09:11The Ministry of Finance has notified a 0.1% concessional government guarantee fee for NaBFID borrowings from multilateral and foreign institutions, boosting access to low-cost funds for infrastructure development.
Income Tax Department Releases Offline and Online Utility for ITR-3 Filing for AY 2025-26
31 July 2025 at 09:03The Income Tax Department has released the offline and online utilities for ITR-3 filing for AY 2025-26. Taxpayers with income from business or profession can now file their returns using updated tools via the e-filing portal.
ICAI to Host Nationwide Convocation in August 2025 for New Members and Rank Holders
31 July 2025 at 08:50ICAI will host its Convocation on 25th August 2025 across major cities to award Certificates of Membership/COP to new CAs enrolled between Jan 1 and July 15, 2025, and felicitate CA Final rank holders from Nov 2024 and May 2025 exams.
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