« Top Headlines » Open DEMAT Account in 24 hrs  New Income Tax Act: ITR forms to be issued prior to FY28, says govt  GSTR-9C Explained: Turnover Limit, Due Date, Statement Format & How to Prepare It in Tally Prime (2025 Update)  Will Income Tax Department release new ITR forms by January 2026? Finance Ministry says this  The Government of India has strengthened MSME protection through strict payment rules, ensuring that Micro & Small Enterprises receive timely payments from buyers. Under the MSME Development Act (MSMED Act), 2006, buyers must make payments within:  ITR Refund Delays in India: Why They Happen & How to FastTrack Your Refund in 2025  ITR Refund Delay: From Bank Errors To Department Checks, 5 Big Reasons Your Refund Gets Stuck  Income Tax Slabs 2025: New Vs Old Regime; Which One Is Better For You For FY2025-26?  Seamless Integration: How Tally Prime Connects Businesses to the Digital Economy  Govt to notify new ITR forms, Income Tax Act 2025 rules by January 2026: CBDT chief  Digital Efficiency for MSMEs: The Tally Prime Advantage  5 Ways Tally Prime Reduces Cost and Boosts Productivity for Startups «  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.