« Top Headlines » Open DEMAT Account in 24 hrs  Delhi HC Rules GST Registration Cannot Be Cancelled Retrospectively Without a Clear Show Cause Notice (SCN)  Belated income tax return AY 2026-27: How to file, late filing charges and what you may lose  Major Financial Changes from August 1, 2026: ITR Deadline, RBI MPC Meeting, Tatkal Ticket Rules & More  Government proposes to ease tax relief conditions for offshore funds  TallyPrime Connected Banking: Automating Banking and Accounting  ITR Filing Deadline 2026: Is July 31 the Last Date to File Your Income Tax Return? Latest Official Update  ITR filing deadline nears: How to file income tax return online on e-filing portal - quick 15-step guide  Will the ITR Filing Deadline Be Extended Beyond July 31 for FY 2025-26? Here's the Latest Update for Taxpayers  Income Tax Refund Delayed for AY 2026-27? 5 Common Reasons Your Refund May Be Stuck and How to Fix It  ITR Filing 2026: FM Nirmala Sitharaman Asks Tax Officials to Let Honest Taxpayers Correct Genuine Mistakes  Will Your FCNR Deposit Stay Tax-Free After Returning to India? Tax Rules Explained for NRIs «  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.