India First

India First: The Global Voice of India

[India First @indiafirst_int]

The Vijay-led TVK government is spending ₹6.17 crore of public funds to relocate Chief Minister Joseph Vijay's office to the 10th floor of Namakkal Kavignar Maaligai, sparking concerns about wasteful expenditure.

[India First @indiafirst_int]

Who will win the TN by-elections scheduled for October 6, 2026?

[V S Vadivel FCA ACS @vsvadivelfca]

Form 1 for the "Foreign Assets of Small Taxpayers Disclosure Scheme, 2026" (FAST-DS 2026) can now be filed on the Income Tax e-Filing portal.

[V S Vadivel FCA ACS @vsvadivelfca]

The Modi government plans to remove the "statutory audit" requirement for many Indian companies. This raises a critical question for ICAI: Why does the Institute continue producing so many Chartered Accountants in India, and what purpose will they serve?

[V S Vadivel FCA ACS @vsvadivelfca]

Effective April 1, 2005, the ICAI Council, at its 242nd meeting, resolved that members in part-time practice (those with a certificate of practice also engaged in other business or occupation) are "ineligible" to perform attest functions, including tax audits.

[V S Vadivel FCA ACS @vsvadivelfca]

The Income Tax Portal in India now features a dedicated section for taxpayers to report corruption, including details of the officer and the issue. It also allows reporting of misbehaviour, harassment, and sexual harassment, marking a significant improvement. It's no doubt a "good move" from the ITD.

[V S Vadivel FCA ACS @vsvadivelfca]

Tax audit season has begun, with a compliance deadline of September 30. This year, only one month separates the non-audit ITR due date (August 31) from the tax audit due date. The government @IncomeTaxIndia may extend the audit deadline.

[V S Vadivel FCA ACS @vsvadivelfca]

While CAs can conduct tax audits under section 44AB of the Income-tax Act, 1961, the AO ultimately determines income "taxability" and expense "admissibility". In this scenario, a tax audit report does not replace assessment proceedings. Therefore, an assessee can challenge an auditor's opinion in the report, even if it is unfavorable, arguing it was unfounded or legally incorrect-Rajkot Engg. Association v. Union of India [1986] 162 ITR 28 (Raj.).

[V S Vadivel FCA ACS @vsvadivelfca]

MCA: General Circular No. 04/2026:

CCFS-2026 date extended up to 15th September, 2026.

[V S Vadivel FCA ACS @vsvadivelfca]

The Central Board of Indirect Taxes and Customs (CBIC) will propose a scheme to the GST Council on September 12 in New Delhi to reduce the "compliance burden" for small e-commerce suppliers.

This initiative, approved in September 2025, will eliminate the need for multiple state GST registrations, requiring only a single registration in their operating state, with audits and compliance managed by that state's GST authority.

[V S Vadivel FCA ACS @vsvadivelfca]

Over 7.5 Crore ITRs have already been filed in India for AY 2026–27.

The clock is still ticking for the (non-audit) business or professional ITR filing deadline (August 31, 2026).

If you haven't filed your ITR 3, 4, 5, or 7 (non-audit), don't wait for the eleventh hour.

File now! Be relaxed!!

[V S Vadivel FCA ACS @vsvadivelfca]

The deadline for CA members to submit the Multipurpose Empanelment Form (MEF) for FY 2026-27 has been extended to September 9, 2026. No further extensions will be granted due to the PDC's deadline to submit the Bank Branch Auditors' Panel to the RBI. Applicants should review the Advisory before completing the form. For MEF-related inquiries or complaints, please use the "MEF Complaints Portal" at https://t.co/b5uPaazqst.

[V S Vadivel FCA ACS @vsvadivelfca]

The GST Council's 57th meeting, chaired by Union Finance Minister Nirmala Sitharaman and including state finance ministers, is scheduled for 12 September 2026 in New Delhi.

Key discussions will focus on simplifying GST registration for businesses with over Rs 2.5 lakh monthly tax credit.

An officers' meeting will precede this on September 11.

[V S Vadivel FCA ACS @vsvadivelfca]

India should immediately implement the "death penalty" for corruption.

[V S Vadivel FCA ACS @vsvadivelfca]

Should India implement the death penalty for corruption?

[V S Vadivel FCA ACS @vsvadivelfca]

The Chartered Accountants Act of 1949 (amended May 10, 2022), Section 24, penalizes Chartered Accountants without a certificate of practice who falsely claim to be "practicing CAs" or act as if they are.

First offenses incur a fine of up to one lakh rupees, while subsequent offenses may lead to up to six months' imprisonment, a fine of up to five lakh rupees, or both.

[V S Vadivel FCA ACS @vsvadivelfca]

Section 24 of the Chartered Accountants Act, 1949 (amended May 10, 2022) penalizes individuals falsely "representing" themselves as Chartered Accountants (CA) in India.

"First convictions" carry a fine up to one lakh rupees.

"Subsequent convictions" may result in up to six months' imprisonment, a fine up to five lakh rupees, or both.

[V S Vadivel FCA ACS @vsvadivelfca]

As per TRAI regulations, if a mobile user fails to recharge their number for 90 days, the telecom operator is authorized to deactivate that number.

In the absence of any activity for 90 days, the operator may levy a charge of up to ₹20 to extend the validity of the number by another 30 days.

If you have an existing talk-time balance of ₹20 on your number, the company may deduct this amount to extend your validity by 30 days.

Following this, a grace period of 15 days will be provided to reactivate the number.

However, if you do not have a balance of ₹20, your number will enter the grace period, after which it will be permanently disconnected at the end of the 15-day window.

[V S Vadivel FCA ACS @vsvadivelfca]

"Reasonable causes" that are accepted by Tribunals/Courts for delay in filing tax audit reports are:

(1) Natural Calamities
(2) Resignation of the Tax Auditor and Consequent Delay
(3) Resignation of Accountant/key employees.
(4) Labour problems such as strikes, lock-outs for an extended period
(5) Loss of Accounts because of situations beyond the control of the Assesses
(6) Physical inability or death of the partner in charge of the accounts

[V S Vadivel FCA ACS @vsvadivelfca]

The ICAI must cease its "new initiative for mass CA production" in India. Relaxed evaluation, a reduced syllabus, and fewer exams will only harm the CA profession's reputation. New CAs will face a challenging future.