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ICAI Reprimands CA for Issuing Certificate Without Verifying Books of Account

The ICAI Disciplinary Committee held the Respondent guilty of professional misconduct under Item (7) of Part I of the Second Schedule to the Chartered Accountants Act, 1949 for failing to exercise due diligence and professional care while issuing a Cash Withdrawal Certificate dated 12 September 2020 relating to M/s Gouri Enterprises for the year ended 30 September 1985

Read more at: https://taxguru.in/chartered-accountant/icai-reprimands-ca-issuing-certificate-without-verifying-books-account.html

#ICAI

ICAI Extends Goodwill Transfer Time for Deceased CA Proprietor Firms to 3 Years

The Institute of Chartered Accountants of India (ICAI), through its Ethical Standards Board (ESB), has introduced a significant and compassionate reform by extending the time limit for the transfer of the goodwill of a proprietary firm of a deceased Chartered Accountant from one year to three years from the date of death of the member.

The amendment has been approved by the ICAI Council and shall apply to the relevant provisions of the Code of Ethics, 2026 (Volume I). The decision recognises the practical difficulties faced by the families of deceased practitioners and provides them with a realistic timeframe to complete the transfer of professional goodwill while ensuring continued compliance with ICAI’s ethical framework.

Read more at: https://taxguru.in/chartered-accountant/icai-extends-goodwill-transfer-time-deceased-ca-proprietor-firms-3-years.html

#codeofethics #ICAI

Can Section 148A Reassessment Be Based Solely on Red-Flagged Information?

The Memorandum Explaining the Provisions of the Finance Bill, 2021 records this legislative objective clearly. It acknowledges that reassessment proceedings were a significant source of tax litigation and that the regime required simplification and rationalisation, noting that the existing procedure had resulted in avoidable disputes. The proposed system was intended to be efficient, transparent and taxpayer-friendly, while still enabling the Department to deal effectively with genuine cases of escapement of income.

#news #Section148A #FinanceBill

Limitation/Compliance periods Under Income Tax Act, 1961

The document is a comprehensive reference guide on limitation periods and statutory compliance timelines prescribed under various provisions of the Income-tax Act and the Income-tax Rules. It consolidates due dates for filing applications, returns, audit reports, declarations, certificates, statements, tax payments, appeals, assessments, reassessments, rectification proceedings, search and seizure actions, charitable trust registrations, approvals, transfer pricing compliances, TDS obligations, and other procedural requirements. The compilation specifies the relevant statutory provision, the nature of compliance, and the applicable time limit for taxpayers, tax authorities, trusts, institutions, companies, investment funds, charitable entities, and other stakeholders. It also covers timelines for issuance of notices, passing of assessment and reassessment orders, appeals, rectification, and various compliance forms under the Income-tax Act. The document serves as a ready reckoner for ensuring timely compliance with statutory obligations and avoiding procedural defaults arising from missed limitation periods.

#news #IncomeTax

Gold & Silver rates as on 01.04.1981 & From 31.03.2008 to 31.03.2026

The published table provides the closing rates of gold and silver that are relevant for reinstating investments in financial statements, covering the current year, the last ten assessment years, and the benchmark valuation dates of 1 April 1981 and 31 March 2001 onwards. For Assessment Year 2026-27 (valuation date 31 March 2026), the closing rate of 24-carat (995 standard) gold is Rs. 1,46,145 per 10 grams, while silver (999.60 touch) is Rs. 2,30,135 per kilogram. The table also records historical year-end rates from Assessment Years 2008-09 to 2025-26, enabling comparison across valuation years. Notes accompanying the table prescribe reductions of approximately 14.08% to 16.58% for plain gold ornaments and 19.91% for other gold ornaments to account for purity differences, soldering, melting loss, mint charges, freight, insurance and dealer margin. It also states that silverware and utensils are liable for wealth tax and provides conversion tables for grams, kilograms and tolas. A disclaimer clarifies that the document is intended only for informational purposes, should be verified with Government Acts, Rules and Notifications, and reflects the Income-tax Act, 1961, as amended by the Finance Act, 2026.

Read more at: https://taxguru.in/income-tax/gold-silver-rates-urrent-ten-assessment-years-april-1-1981.html

#valuation ules #silverrate #yearlysilverrate

FAQs on Authority for Advance Ruling/Board for Advance Rulings

The FAQs on the Authority for Advance Ruling (AAR) and Board for Advance Rulings (BAR) explain the eligibility, procedure, fees, binding effect, and functioning of India’s advance ruling mechanism under the Income-tax Act. An advance ruling provides a determination on questions of law or fact relating to an applicant’s tax liability for completed or proposed transactions and is binding on the applicant, the Commissioner, the Commissioner (Appeals), and subordinate income-tax authorities for the relevant transaction.

#faqs

Can a Homebuyer Be Taxed for Paying “On-Money” to a Builder?

A young man from a small town in Rajasthan completes his studies and leaves his home in search of a better future. Like thousands of others, he arrives in Surat with dreams in his eyes and very limited resources in his pocket.

#news

Representation to permit advocates to enter into Multi-Disciplinary Partnerships

The Sales Tax Bar Association submitted a representation dated 11.05.2026 to the Union Law Minister and the Bar Council of India seeking reconsideration and amendment of Rule 2 in Chapter III of Part VI of the Bar Council of India Rules, which prohibits advocates from entering into partnerships or remuneration-sharing arrangements with non-advocates.

#charteredaccountants #ICAI

GST Judicial Trends in April 2026: Key Court Rulings

The month of April 2026 witnessed a series of significant judicial pronouncements under the GST regime covering procedural fairness, limitation, cancellation of registration, ITC transfer, refund mechanism, pre-deposit protection, validity of show cause notices, and principles of natural justice.

#gst #news

Analysis of Notifications and Circulars for Week Ending 19th April 2026

The weekly update (13th–19th April 2026) highlights significant regulatory changes, judicial rulings, and policy developments across tax and financial laws in India. Under Income Tax, corrections were made to earlier rules, and courts clarified that condonation relief cannot be restrictively applied. In GST, advisories addressed system glitches, while rulings denied ITC on lease rentals but allowed refunds on manufacturing scrap and barred parallel proceedings. Customs updates included tariff revisions, anti-dumping exclusions, and simplified procedures due to global disruptions.

#gst

Representation on Top 10 Issues in GST Enforcement Actions

The Karnataka State Chartered Accountants Association submitted a representation to the Commercial Tax Department highlighting ten critical issues in GST enforcement practices affecting taxpayers and professionals. Key concerns include improper issuance of summons without specifying inquiry details, jurisdictional overlap between Central and State authorities, misuse of summons for audit-like document requests, and lack of transparency in inspection proceedings.

#gst

TDS not applicable on payments for imported Business Information Reports: SC

Director of Income Tax (International Taxation) Vs Dun And Bradstreet Information Services India Pvt. Ltd. (Supreme Court of India) The case before the Supreme Court of India arose from a dispute regarding applicability of tax deduction at source (TDS) under Section 195 of the Income-tax Act, 1961 on payments made for imported Business Information Reports.

#supremecourtjudgements #tds

Finance Act 2026: 56 Key Amendments related to Income Tax

The Finance Bill, 2026 introduces several amendments to Income Tax Act, with the objective of simplifying compliance, rationalising penalties, promoting investment, and furthering the process of decriminalisation of tax offences. The Finance Act, 2026 has been notified on 30th March 2026. The Chapter- II, Sections 2 to 3 (Page 2 to 29) relates to Rates of Income Tax, Chapter- III, Sections 4 to 34 (Page 30 to 40) amends Income Tax Act 1961, Sections 35 to 129 (Page 41 to 71) amends Income Tax Act 2025, Chapter- IV Sections 130 to 144 (Pages 72 to 76) provide for The Foreign Assets of Small Taxpayers Disclosure Scheme 2026, Chapter- VI Part III Section 160 (Page 79) amends Black Money Act.

#news #income tax act 2025

Reverse Charge Mechanism on GTA and Renting Transactions under GST

Under the normal GST mechanism, the supplier charges GST on the invoice and discharges the tax, while the recipient takes input tax credit (ITC) subject to section 16 conditions. Under Reverse Charge Mechanism (RCM), this liability to pay GST is shifted from supplier to recipient for specified categories of services or specified situations notified under section 9(3) and section 9(4) of the CGST Act and section 5(3) of the IGST Act.

#gst

CAG Invites EoW from CA Firms for 2026–27 Audit Engagement

The Office of the Comptroller & Auditor General of India (CAG) has invited Expressions of Willingness (EoW) from Chartered Accountant firms and LLPs empaneled with CAG for 2025–26 to work with CAG audit teams for auditing financial statements of Autonomous and other Bodies received during April 2026 to March 2027. Only firms with a minimum empanelment score of 15 are eligible. The last date for submission is 9 March 2026 (2:00 PM), with the proposal to be submitted electronically in the prescribed format. Fresh applications are mandatory due to changes in engagement policy, and previous eligibility does not carry forward automatically.

#news #cag

ICSI CS Results – December 2025 Session: Know Toppers & Pass Percentage

The Institute of Company Secretaries of India (ICSI), a statutory body under an Act of Parliament functioning under the Ministry of Corporate Affairs, declared the results of the Company Secretaries Examinations for the Professional Programme (Syllabus 2022) and Executive Programme (Syllabus 2022) for the December 2025 session on 25 February 2026 at New Delhi. The results have been released to all Regional and Chapter Offices and are available on the Institute’s website along with subject-wise marks. Candidates of the Executive Programme have also been provided the facility to download their e-Result-cum-Marks Statement. In the Professional Programme (Syllabus 2022), 26.73% of candidates passed in Group 1 and 26.67% in Group 2. Kinjal Ajmera, who appeared from the Mumbai Examination Centre, secured the All-India First Rank.

#icsi #Result #news

ITAT Reduces Penalty as Tax Sought to Be Evaded Must Exclude TDS and Self-Assessment Tax

In Niripraj Singh Sohal Vs ITO, the ITAT Delhi partly allowed the assessee’s appeal and reduced the penalty levied under Section 271(1)(c) of the Income Tax Act by recalculating the “tax sought to be evaded” after adjusting TDS and self-assessment tax.

#news

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