India is probably the only country where audits are being deleted, rather than being strictly enforced - that too at such a rapid pace!
First GST audits gone… suddenly fake billing and ineligible ITC start dominating the headlines...
Then we see Bank audits being reduced… and then we see regular news about NPAs, and irregular lending slipping through.
Now statutory audits are being talked about for relaxation… tomorrow corporate non-compliance will be the next big concern.
So what exactly is @FinMinIndia@MCA21India promoting - compliance or non-compliance? 🤷🏻♂️🙄
Last date for filing of online application for empanelment of Chartered Accountant firms/LLPs for the 2026-2027 has been extended up to 09 March 2026.
Last date for submission of hard copies of documents has been extended up to 17 March 2026.
#icai#CAG
*Practical Issue for implementing Cross Utilisation of ITC in Table 6.1*
👉From January 2026 onwards, the GST portal will technically allow taxpayers to use CGST and SGST Input Tax Credit (ITC) in any sequence for payment of IGST liability, once IGST ITC is fully exhausted.
Central Council of ICAI has resolved that Guidance Note on Formats for Non-Corporate Entities would be voluntary for the Financial Year 2024-25
Official Process to follow
Warren Buffett steps down as CEO, leaving a legacy of timeless investing wisdom—focus on great businesses, not market noise #InvestingLessons#StockMarket
IndusInd Bank! A massive discrepancy in derivative accounting has sparked debate: fraud or error? Was it deliberate? The Reserve Bank of India awaits a forensic audit report to decide. #IndusIndBank#BankingScandal#FraudOrError
The New Income Tax Bill 2025 ( Currently Proposed) is Applicable from 01-04-2026. No need to take bother for FY 2025-26, as the old Act shall continue to be applicable for FY 2025-26.