The Institute of Chartered Accountants of India (ICAI) will initiate penal action against chartered accountants if they violate its new tax audit limit guidelines that would be applicable from April 2026, its president Charanjot Singh Nanda said on Wednesday, calling on accounting firms and partners to abide by the rules.
Read more at: The Economic Times
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Alkem Laboratories Ltd. on Wednesday said it has received income tax orders worth Rs 375 crores for the assessment years 2020-21 and 2022-23. The order was received by the company on Tuesday.
The government’s ambition to create a Big 4-like audit firm out of India has again become a talking point in the auditing industry, thanks to the finance minster Nirmala Sitharaman’s recent statement, urging the Institute of Chartered Accountants of India (ICAI) to try and set up an Indian auditing firm which can join the league of Big Four.
The Income Tax Department has selected IT firm LTIMindtree Ltd to implement the PAN 2.0 project, which is expected to go live within 18 months, an official said on Monday.
