ICAI Updates

The Institute of Chartered Accountants of India has invited public comments on the revised guidance note for tax audit under Section 44AB of the IT Act 1961. Key points to consider include:
- The revised guidance note aims to provide clarity on tax audit applicability and procedures.
- The MCA has extended the CCFS-2026 deadline to 31st August 2026 amid data centre restoration.
- For ITR-5 filing for AY 2026-27, it is essential to check tax audit applicability under Section 44AB and file the audit report on time, and
- ICAI has put its Big 4 disclosure rules on hold which were notified in the Official Gazette on February 11, 2026, the guidelines, which were notified in the Official Gazette on February 11, 2026, have been put on hold by ICAI's authority to regulate Indian chartered accountant,
- Other key aspects of ITR-5 filing include due dates, eligibility, and loss carry forward rules, and
- Taxpayers should also be aware of their deductions, rebates, and the zero-tax income limit,
for more information visit the official website https://www.caclubindia.com/ and https://www.jurishour.in/