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Time of India
an hour ago
- Time of India
New tax audit limit rule for CAs to apply from April 2026: ICAI president
The Institute of Chartered Accountants of India (ICAI) will enforce from April 2026 its new guidelines on allowing a partner of an accounting firm to take up a maximum of 60 tax audits in a year, its president Charanjot Singh Nanda said on Friday. As per extant guidelines, while a single chartered accountant operating on their own can undertake up to 60 tax audits in a fiscal year, a partnership firm, as a whole, is allowed to conduct audits up to the combined limit of all its partners. This often results in senior partners at these firms using the quota of their junior colleagues after exhausting their own limit. The new guidelines would discourage a concentration of audit assignments with only a few senior partners at accounting firms and curb any anti-competitive conduct, Nanda had indicated to ET earlier this month. The ICAI, Nanda said on Friday, expects the number of global capability centres (GCCs) in the country to nearly triple in the next two years to exceed 5,000, riding a boom. He was speaking at a GCC summit being hosted by the institute on June 27-28 in the national capital. This summit will also be organised in Ahmedabad, Mumbai and Hyderabad between August 2025 and February 2026. India chartered accountants will gain from the boom in GCCs, thanks to various services that they offer, Nanda said. "India is an attractive destination for GCCs," he said. Currently, about 80,000 chartered accountants (CAs) are employed at the GCCs in the country. Creating domestic 'Big Four' The institute has extended the deadline for stakeholders' comment on its draft overseas networking guidelines for domestic chartered accountant firms to July 16 from June 27. ET has reported this month that the draft guidelines will enable domestic CA firms to tie up with their global peers and set up units in the country. The idea is to facilitate the creation of large home-grown audit firms akin to the 'Big Four' by enabling domestic firms to grow big and also acquire expertise through global tie-ups. This framework, once notified, would also require local firms that are already affiliated with global accounting entities to register with the ICAI, which is empowered to issue such guidelines. Currently, there is no formal framework governing such global tie-ups. Those with foreign tie-ups were earlier required to submit certain details with the ICAI by submitting a form, which was discontinued four years ago, as a formal framework on this was sought to be introduced. At present, the Big Four—EY, Deloitte, KPMG, PwC—along with Grant Thornton and BDO dominate the Indian audit ecosystem, with their affiliates having handled assignments of 326 of the 486 Nifty-500 companies as of March 2025, according to a report.
Economic Times
2 hours ago
- Economic Times
Canada's TSX hits record high as investors assess economic data
(What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
Economic Times
3 hours ago
- Economic Times
WEEKLY HOROSCOPE VIRGO ♍ (30th June – 6th July 2025): Practical Clarity Meets Emotional Depth as Moon Transits Empower Routines, Finances & Family Balance
ET Online Weekly Horoscope - Virgo (30th June – 6th July 2025): Productivity improves, but emotional intensity demands more inner clarity This week encourages the Virgo natives to harness their natural discipline. You may also get tuned into subtle emotional cues. The Moon transits into the Virgo sign in your sign early in the week. You will be empowered to take charge of your daily responsibilities. By the weekend, the Moon in the Scorpio sign invites reflection and emotional depth. The Virgo Weekly Horoscope advises balancing logic with 30th June, the Moon will be transiting from the Twelfth House in the Leo sign. There can be gains from foreign sources. Your professional life receives a boost as the Moon transits into the Virgo sign from 1st July to 3rd July. This will activate your First House. This brings clarity and confidence. It also gives the ability to solve problems efficiently. From 4th to 5th July 2025, the Moon will be in transit from the Libra sign. This encourages diplomacy and collaborative projects. On 6th July, the Moon will be in the Scorpio sign. This transit can help you look deeper into workplace dynamics. Your hidden motivations or unspoken tension may come to the surface. The Virgo Weekly Horoscope urges strategic communication. The native may have thoughtful responses to maintain More: Monthly Horoscope Virgo, July 2025 Weekly Numerology Horoscope, 30 June - 06 July, 2025 Venus Transit in Taurus: Remedies for All Signs The Virgo Weekly Horoscope triggers steady yet cautious financial movement. The Moon will be transiting from the Leo sign in the Twelfth House on 30th June. Your expenses may be out of control. You should invest carefully. From 1st to 3rd July, the Moon will be transiting from the Virgo sign. This will happen to be your sign. You should review your budget and plan investments. This can eliminate unnecessary expenses. The Moon in the Libra sign may tempt you to spend on beauty or home items. You should set a limit on your spending. The Moon in the Scorpio sign on 6th July brings your focus to shared finances or debts. You should avoid reckless spending. You should check the fine print in joint deals. Venus in the Taurus sign supports grounded investments. The transit of the Moon in the Leo sign on 30th June can trigger increased expenses on the health front. The Moon will be transiting from the Virgo sign from 1st July to 3rd July. This is an ideal period for detoxing. You can also start a new wellness routine. You can also address nagging physical issues. The Moon in the Libra sign urges rest and aesthetic self-care. The Moon will be transiting from the Scorpio sign on 6th July. This can stir emotional tension. You should manage anxiety with grounding practices. The Virgo Weekly Horoscope recommends consistent sleep. You need to focus on your health. You should avoid emotional burnout. Family life moves from practical to emotionally intense this week. The Moon will be transiting from the Virgo sign from 1st July to 3rd July. You will be the problem-solver at home. You need to set things right efficiently. The Moon in the Libra sign fosters harmony and quality bonding time. The transit is good for meals and light conversations. However, the Moon in the Scorpio sign on 6th July may trigger unresolved emotional issues. You can avoid challenges with siblings or in-laws. The Virgo Weekly Horoscope suggests choosing empathy over criticism in sensitive Virgo Weekly Horoscope is excellent for academic success. The Moon will be in the Virgo sign from 1st to 3rd July. This placement sharpens focus and helps in subjects requiring logic and memorisation. The Moon is in the Libra sign from 4th July to 5th July. This transit supports arts, literature and public speaking. The Moon in the Scorpio sign on 6th July is best suited for deep research. You may face challenges in tackling difficult concepts. Group discussions can help mid-week. You should avoid getting emotionally distracted from your week brings a balance in productivity and introspection. You will thrive early in the week with the Moon in your sign, Virgo. You must prepare yourself for an emotionally complex situation. The Virgo Weekly Horoscope advises maintaining structure. You should stay open to emotional nuances in both personal and professional You should offer green moong dal to a cow on Wednesday. This can enhance Mercury's blessings.b) You should meditate with a white candle. During Scorpio Moon, release emotional baggage.c) Wear an emerald or green-coloured clothing.d) You should chant 'Om Budhaya Namah' daily for mental clarity and steady communication. Written by: Anand Sagar Pathak of For feedback, write to hello@ Also Read:WEEKLY HOROSCOPE LIBRA ♈ (30th June – 6th July 2025)WEEKLY HOROSCOPE SCORPIO ♈ (30th June – 6th July 2025)WEEKLY HOROSCOPE SAGITTARIUS ♈ (30th June – 6th July 2025) Monthly Numerology Horoscope, July 2025 Disclaimer Statement: This content is authored by a 3rd party. The views expressed here are that of the respective authors/ entities and do not represent the views of Economic Times (ET). ET does not guarantee, vouch for or endorse any of its contents nor is responsible for them in any manner whatsoever. Please take all steps necessary to ascertain that any information and content provided is correct, updated, and verified. ET hereby disclaims any and all warranties, express or implied, relating to the report and any content therein.
