LatestAccounting And Audit 7 October 2026
ICAI Updates, Tax Audit Extension, GST Council Moves, Awards Nominations Open
The Institute of Chartered Accountants of India (ICAI) is advancing Ind AS 118 and considering a Schedule III revamp, while the tax audit deadline has been extended by 21 days, affecting entities based on turnover thresholds. The GST Council will deliberate on removing arrest powers, and nominations for the 2026 ICAI Awards are now open, inviting professionals to apply before December 15.
- Ind AS 118 progress: ICAI moves forward with Ind AS 118 and eyes a revamp of Schedule III. Details: Economic Times CFO
- ICAI Awards 2026: Nominations open for the 20th ICAI Awards, deadline 15 Dec. Apply now: CA Club India Awards
- Tax audit deadline: Statutory tax audit extended by 21 days; relief applies based on turnover limits. Full story: CA Club India Audit Extension
- GST Council proposal: Council set to consider scrapping arrest powers on 7 Oct 2026, a major shift in enforcement. Read more: GST Council News
- Income‑tax cash transaction notice: New guidelines on when the tax department can query large cash transactions. Info: Cash Transaction Notice
Need help understanding this update?
Connect with our domain experts instantly via WhatsApp for customized legal guidance.