Pre-amendment reassessment limitation bars late notices under the preserved regime, invalidating consequential reassessment for affected earlier asses...
Cash-sales explanations for bank deposits require documentary reconciliation; reassessment notice survived where effective response time was available...
Functional comparability in transfer pricing prevents ad hoc arm's length adjustments where functions, assets, risks and reliable comparables are unes...
The Institute of Chartered Accountants has issued guidelines effective from April 1, 2026, limiting the number of tax audit assignments a Chartered Accountant in practice may accept and sign to 60 per financial year. This limit applies individually and per partner in a firm, with aggregate limits for partners involved in multiple firms or individual assignments. Certain tax audits under specific Income-tax Act provisions are excluded from this count. Revisions of tax audit reports do not affect the limit. Audits of head offices and branches of the same entity count as a single assignment. Part-time practicing partners are excluded from firm assignment calculations. Chartered Accountants must maintain records of accepted audits as prescribed. These guidelines supersede previous ones and empower the Council to issue clarifications to resolve implementation difficulties consistent with the Chartered Accountants Act.
The Institute of Chartered Accountants has issued guidelines effective from April 1, 2026, limiting the number of tax audit assignments a Chartered Accountant in practice may accept and sign to 60 per financial year. This limit applies individually and per partner in a firm, with aggregate limits for partners involved in multiple firms or individual assignments. Certain tax audits under specific Income-tax Act provisions are excluded from this count. Revisions of tax audit reports do not affect the limit. Audits of head offices and branches of the same entity count as a single assignment. Part-time practicing partners are excluded from firm assignment calculations. Chartered Accountants must maintain records of accepted audits as prescribed. These guidelines supersede previous ones and empower the Council to issue clarifications to resolve implementation difficulties consistent with the Chartered Accountants Act.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4918 
