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India's ICAI plans to cap annual tax audits per partner
India's ICAI plans to cap annual tax audits per partner

Yahoo

time3 hours ago

  • Business
  • Yahoo

India's ICAI plans to cap annual tax audits per partner

The Institute of Chartered Accountants of India (ICAI) has disclosed its intention to set a restriction on the number of tax audits a partner may endorse each year. The Economic Times has reported that effective from fiscal year 2027 (FY27), each partner will be limited to a maximum of 60 tax audits. ICAI president Charanjot Singh Nanda mentioned that this initiative seeks to avert the concentration of audit responsibilities among a select few senior partners. The move is also designed to tackle potential anti-competitive behaviours within the accounting industry. The resolution was reached during a council meeting conducted in late May, with new regulations expected to be released soon, according to the publication. At present, while individual chartered accountants can manage up to 60 audits, partnership firms are permitted to conduct audits based on the total limits of all their partners. This current system has resulted in senior partners frequently using the audit quotas of their junior colleagues after reaching their own thresholds. Nevertheless, this cap does not encompass any tasks that stem from specific legal obligations under the Income Tax Act. Nanda told the publication: 'The limit of 60 would be the aggregate limit (under the new guidelines) in respect of all tax audits signed by a member, both in his individual capacity and as a partner of an accounting firm. 'Moreover, a partner of a firm won't be able to sign any tax audit report on behalf of any other partner.' "India's ICAI plans to cap annual tax audits per partner" was originally created and published by The Accountant, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.

India takes down China's arrogance! makes BIG plan to produce…, dragon can't show its power of…
India takes down China's arrogance! makes BIG plan to produce…, dragon can't show its power of…

India.com

time7 hours ago

  • Business
  • India.com

India takes down China's arrogance! makes BIG plan to produce…, dragon can't show its power of…

China was a big supplier of rare earth minerals for automobile sectors in the world. Recently it had put several restrictions on their exports. These minerals are in high demand globally, including in India and the United States. The shortage of magnets made from these minerals disrupted several industries. Now India has made a big plan to counter China's monopoly. India's Plan For Rare Earth Mineral Production The Indian government is formulating a Rs 3,500–5,000 crore plan to enhance the production of rare earth minerals. According to an Economic Times report citing government officials, the proposal may get approval soon. The official stated, 'Our priority is to start the production of critical minerals in the country as quickly as possible.' As per The Economic Times , the plan involves offering incentives to companies through a reverse auction process. This means that the company which is willing to produce at the lowest cost will receive the incentive. The decision is to reduce dependency on Chinese imports. The official further stated that new measures are being implemented to increase the domestic availability of critical minerals. At least five major Indian companies have shown interest in collaborating with the government for the production of these minerals. China's Monopoly on Rare Earth Magnets China currently has a monopoly on the supply of rare earth magnets, essential for automobiles, electric vehicles (EVs), and renewable energy infrastructure. The Chinese government has imposed several export restrictions on these minerals. In April, it mandated special licenses for the export of seven rare earth elements and related magnets. In India, EV manufacturers and wind turbine companies are the largest consumers of rare earth elements. By 2025, these companies are expected to account for more than half of the country's total demand. The demand for these minerals is projected to grow from the current 4,010 metric tons to 8,220 metric tons by 2030.

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