CAclubindia News

ICAI Issues Exposure Draft of Guidance Note on Audit of Banks - 2026 Edition

14 February 2026 at 09:05

ICAI releases Exposure Draft of Guidance Note on Audit of Banks (2026 Edition), aligning audit procedures with latest RBI KYC, digital lending, securitisation and treasury norms. Comments invited till February 23, 2026.

Posted in Audit | 108 Views

CGST Delhi South Arrests Director in Rs 6.53 Crore Fraudulent ITC Case

14 February 2026 at 09:00

CGST Delhi South arrests a company director for fraudulent ITC of Rs 6.53 crore using bogus invoices worth Rs 36.28 crore; investigation ongoing.

Posted in GST | 93 Views

New Reporting Framework for Payments to Non-Residents and Foreign Companies

14 February 2026 at 06:49

Draft Form No 145 proposes detailed reporting requirements for remittances to non-residents and foreign companies, covering TDS compliance, Section 395 certification, DTAA relief claims, and cross-border payment disclosures under the Income-tax Act.

Posted in Income Tax | 75 Views

Draft Form 103 Prescribes 30-Day Payment Rule for Tax Demand

14 February 2026 at 06:48

Draft Form No. 103 outlines the procedure for tax demand recovery under Section 289, including a 30-day payment timeline, interest under Section 411 and penalty provisions.

Posted in Income Tax | 1446 Views

Exceptions for Cash Payments Above Rs 10,000 under Rule 26 of Draft IT Rules 2026

14 February 2026 at 06:48

Rule 26 under Draft Income Tax Rules, 2026 outlines cases where cash payments exceeding Rs 10,000 will not attract disallowance under Sections 36(4) and 36(5). Check the full list of exemptions.

Posted in Income Tax | 132 Views

Middle Class Not Crushed by Taxes, Says FM Sitharaman Amid Income Tax Debate

14 February 2026 at 06:48

Finance Minister Nirmala Sitharaman says rising personal income tax collections reflect middle-class expansion and economic growth, not suppression.

Posted in Income Tax | 1299 Views

Rule 18 Specifies Conditions for Medical Perquisite Exemption Under Section 17

14 February 2026 at 06:48

Draft Income Tax Rules 2026 introduce Rule 18 specifying hospital approval norms and prescribed diseases for medical perquisite exemption under Section 17(2)(b)(ii). Check infrastructure, staffing and compliance requirements.

Posted in Income Tax | 54 Views

Vivek Tankha Calls for CA Protection Act, Flags Big Four Dominance in India's Audit Sector

13 February 2026 at 09:27

Congress MP Vivek K. Tankha demands a CA Protection Act in Parliament, citing privacy concerns, agency scrutiny, and the growing dominance of Deloitte, PwC, EY and KPMG in India's audit sector.

Posted in Professional Resource | 2928 Views

ICAI elects New Torchbearers for the year 2026-27

13 February 2026 at 09:06

The 26th Council of ICAI has elected CA Prasanna Kumar D as its 74th President and CA Mangesh Pandurang Kinare as Vice-President for 2026-27.

Posted in Professional Resource | 2691 Views

Draft Income Tax Rules 2026: Rule 9 on Determination of Income for Non-Residents

13 February 2026 at 09:03

Rule 9 of the Draft Income-tax Rules 2026 outlines how Assessing Officers can determine taxable income of non-residents when exact India-sourced income cannot be ascertained. Know the methods and implications.

Posted in Income Tax | 453 Views