« Top Headlines » Open DEMAT Account in 24 hrs  Income Tax Calculator FY 2023-24: How To Know Your Tax Liability Online On IT Dept's Portal?  BackBack Income Tax Act amendment on cards on tax treatment of MSME dues  ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing. Check details here  Income tax slabs FY 2024-25: Experts share these 8 benefits for taxpayers in new income tax regime  How To File ITR Online - Step by Step Guide to Efile Income Tax Return, FY 2023-24 (AY 2024-25)  Old or new tax regime for TDS on salary? This post-election 2024 event will impact your tax planning  What Are 5 Heads Of Income Tax?  Income Tax Dept releases interim action plan for FY25 on tax collection, refund approvals   Income Tax Return: 5 lesser-known tax-saving tips from Section 80  Income Tax Return: 5 lesser-known tax-saving tips from Section 80  Why you need not rush to file your ITR immediately «  I-T is ready to pamper the crorepatis... Omnibus law for banking soon... » ICAI sub-group to tackle tax audit ceiling issue September, 12th 2006 The Central Council of the Institute of Chartered Accountants of India (ICAI) has referred the issue of ceiling on tax audit assignments that could be undertaken by a chartered accountant to a "sub-group" of the council. Currently, the ceiling has been pegged at 30 tax audit assignments for every chartered accountant. This ceiling came up for review at the council meeting held in Mangalore from September 6-8. "We have referred the tax audit issue to a sub-group," said Mr T.N. Manoharan, ICAI President. The ICAI President had recently made it clear that there was no proposal to do away with the practice of having a ceiling. ICAI had placed the ceiling on tax audit assignments to ensure that a certain minimum quality of the profession is maintained. But over the years, the institute has been forced to factor in issues such as inflation and its impact on the members. Enterprises with annual turnover of over Rs 40 lakh are required to go in for a tax audit.