LatestAccounting And Audit 11 September 2026
India’s CA Scandals, Audits and NRI Tax Rules Update
Recent Indian financial oversight news reveals a scandal where chartered accountants facilitated a Rs 10 k crore political donation tax‑evasion scheme with no regulatory action, while HMT named G R S M & Associates as its statutory auditor for FY27. At the same time, the Institute of Chartered Accountants of India (ICAI) issued two new handbooks—one highlighting a “stateless NRI” rule that deems individuals with only 40 days in the country as tax residents, and another covering broader NRI residential status, tax and FEMA regulations—signaling stricter compliance expectations for professionals and firms.
- Political donation tax‑evasion – A report alleges CAs helped funnel Rs 10 k crore into political donations without action from the Union Government, IT Department, BJP or the ICAI. Read more
- HMT auditor appointment – HMT appointed G R S M & Associates as its statutory auditor for FY27, as announced by the Comptroller and Auditor General of India. Read more
- ICAI “stateless NRI” handbook – ICAI’s new handbook flags individuals staying only 40 days in India as tax residents under a new rule, affecting NRIs with assets over ₹15 lakh. Read more
- Broader ICAI NRI tax and FEMA guide – A second ICAI release details updated residential‑status, tax and FEMA rules, to be unveiled at the WOFA 2026 event. Read more
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