Tax Updates and ICAI News

The Institute of Chartered Accountants of India (ICAI) has extended the time limit for transferring goodwill of deceased CA proprietor firms from 1 year to 3 years.
The announcement was made by the Ethical Standards Board (ESB) of ICAI on July 25, 2026, following approval by the ICAI Council.
- The new time limit applies to deceased CA proprietor firms
- The extension is aimed at providing relief to the firms and their owners.
Additionally, the Sodexo meal card tax exemption has been updated to 200 per meal rule under the income tax act.
- The increased exemption limit has saved taxes of Rs. 24,710 in some cases
- The exemption is applicable to meals purchased using Sodexo meal cards