Latest news with #Nanda
Economic Times
32 minutes ago
- Business
- Economic Times
Action to be taken against CAs if they violate new tax audit limit rules: ICAI president
ICAI will penalize CAs violating new tax audit limits from April 2026, aiming to prevent audit assignment concentration. It partnered with IVCA and NSE-IFSC to strengthen alternative capital markets through knowledge sharing and standardization. Additionally, ICAI launched an international ADR center for commercial disputes and initiated certification programs in the US and UK for capacity building. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Popular in Services 1. ICAI notifies rules to limit annual tax audits to 60 per partner The Institute of Chartered Accountants of India (ICAI) will initiate penal action against chartered accountants if they violate its new tax audit limit guidelines that would be applicable from April 2026, its president Charanjot Singh Nanda said on Wednesday, calling on accounting firms and partners to abide by the institute on Tuesday notified the guidelines limiting the number of tax audits that an accounting firm partner can take up in a year to 60.'These guidelines are not advisory but mandatory in nature. We won't hesitate to take action against those who violate these,' Nanda told per the extant guidelines, while a single chartered accountant operating on his or her 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 using the quota of their junior colleagues after exhausting their own latest ICAI move is aimed at discouraging a concentration of audit assignments with only a few senior partners at accounting firms and curb any anti-competitive audit body on Wednesday joined hands with the Indian Venture and Alternate Capital Association (IVCA) and an arm of National Stock Exchange (NSE) to bolster the country's alternative capital markets key areas of cooperation between the audit body and the IVCA includeSimilarly, the ICAI's areas of cooperation with NSE-IFSC include knowledge sharing and content contributions for educating members and stakeholders and conducting joint events, seminars and workshops on capital market developments and regulatory updates. The MoU with the NSE arm will be valid for two years starting August the ICAI launched on Wednesday an international centre for alternative dispute resolution (ADR) on commercial matters. Arjun Ram Meghwal, minister of state (independent charge) of law & justice, inaugurated the ICAI International ADR Centre, Nanda said, will serve as a 'specialised institutional platform offering structured and time-bound arbitration, mediation, conciliation, and negotiation services that are professionally managed, process-driven, and globally benchmarked.'Nanda also said the apex body of chartered accountants has started a certification programme in the US and will launch another in the UK from August, as part of its capacity building mission.
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Business Standard
an hour ago
- Business
- Business Standard
ICAI notifies norms to cap individual tax audits by CAs to 60 annually
ICAI President Charanjot Singh Nanda on Wednesday said capping the number of tax audits that can be done by an individual chartered accountant to 60 annually will help strengthen the regulatory framework and enhance focus on auditing work. The Institute of Chartered Accountants of India (ICAI), which has more than 400,000 members, has notified the norms for capping the number of individual tax audits and these will come into effect from April 1 next year. The limit of 60 will be the aggregate limit in respect of all tax audits signed by a member (chartered accountant), both in his individual capacity and as a partner of a firm(s). Further, a partner of a firm cannot sign any tax audit report on behalf of any other partner. There will also be certain relaxations to the limit. At a briefing in the national capital on Wednesday, Nanda said the move will strengthen the regulatory framework and help increase the focus of chartered accountants on tax audits. The norms in this regard have been notified and are mandatory, he said, and stressed that audit is the forte of chartered accountants. As an illustration, if there are four partners in an audit firm, each partner can also do the audit for another partner. While the audit firm can carry out up to 240 audits, a partner can do more than 60 audits individually now. Meanwhile, amid instances of misdoings and complaints of signatures of chartered accountants being forged, ICAI has put in place the Unique Document Identification Number (UDIN) system. UDIN is a unique number generated for every document certified or attested by a practising chartered accountant. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
News18
an hour ago
- Business
- News18
ICAI notifies norms to cap individual tax audits by CAs to 60 annually
New Delhi, Jul 30 (PTI) ICAI President Charanjot Singh Nanda on Wednesday said capping the number of tax audits that can be done by an individual chartered accountant to 60 annually will help strengthen the regulatory framework and enhance focus on auditing work. The Institute of Chartered Accountants of India (ICAI), which has more than four lakh members, has notified the norms for capping the number of individual tax audits and these will come into effect from April 1 next year. The limit of 60 will be the aggregate limit in respect of all tax audits signed by a member (chartered accountant), both in his individual capacity and as a partner of a firm(s). Further, a partner of a firm cannot sign any tax audit report on behalf of any other partner. There will also be certain relaxations to the limit. At a briefing in the national capital on Wednesday, Nanda said the move will strengthen the regulatory framework and help increase the focus of chartered accountants on tax audits. The norms in this regard have been notified and are mandatory, he said, and stressed that audit is the forte of chartered accountants. As an illustration, if there are four partners in an audit firm, each partner can also do the audit for another partner. While the audit firm can carry out up to 240 audits, a partner can do more than 60 audits individually now. Meanwhile, amid instances of misdoings and complaints of signatures of chartered accountants being forged, ICAI has put in place the Unique Document Identification Number (UDIN) system. UDIN is a unique number generated for every document certified or attested by a practising chartered accountant. PTI RAM TRB (This story has not been edited by News18 staff and is published from a syndicated news agency feed - PTI) view comments First Published: July 30, 2025, 19:00 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Fibre2Fashion
2 days ago
- Business
- Fibre2Fashion
India's Trident posts $207.24 mn revenue in Q1; EBITDA jumps 18%
Indian manufacturer of textiles Trident Limited has recorded a consolidated revenue of ₹1,727 crore (~$207.24 million) in the first quarter (Q1) of fiscal 2026 (FY26), down 8.31 per cent quarter-on-quarter (QoQ) and 1.75 per cent year-on-year (YoY). Notably, EBITDA surged 18.12 per cent QoQ to ₹312 crore, with an EBITDA margin of 18.06 per cent—an improvement of 404 basis points (bps) over the previous quarter. Trident Limited has reported a revenue of ₹1,727 crore (~$207.24 million) in Q1 FY26, with EBITDA rising 18.12 per cent QoQ. Net profit surged 89.39 per cent YoY to ₹140 crore (~$16.8 million). The company reduced net debt and posted ₹234 crore (~$28.08 million) in free cash flow. Home Textiles led segment-wise revenue, with continued focus on innovation, ESG, and sustainable growth. Depreciation stood at ₹93 crore, a marginal increase from ₹90 crore last quarter. Finance costs amounted to ₹31 crore, down 32.65 per cent YoY. Profit before tax (PBT) came in at ₹188 crore (~$22.56 million), up 9.32 per cent QoQ and 84.06 per cent YoY, while net profit reached ₹140 crore (~$16.8 million), reflecting a 4.89 per cent QoQ and a significant 89.39 per cent YoY increase, Trident said in a press release. The cash profit stood at ₹233 crore, rising 4.28 per cent QoQ and 40.54 per cent YoY. Earnings per share (EPS) improved to ₹0.27 from ₹0.25 in Q4 FY25 and ₹0.15 in Q1 FY25, recording a YoY growth of 83.19 per cent. The company's free cash flow for Q1 FY26 stood at ₹234 crore (~$28.08 million), while net debt reduced by ₹31 crore QoQ to ₹879 crore, despite a dividend payout of ₹254 crore in May 2025. The annualised net debt/EBITDA ratio improved to 0.71 from 0.95. Segment-wise performance, Home Textiles division led the way in Q1 FY26 with a revenue of ₹948 crore. The Yarn business contributed ₹902 crore. Meanwhile, the Paper and Chemicals segment recorded ₹260 crore in revenue. 'As we reflect on Trident Limited's Q1FY26 results, it's evident that amidst challenging macroeconomic conditions, our company has showcased quarter-on-quarter growth in terms of profitability, we have further strengthened our balance sheet by reducing net debt by 31 Crore and sustaining our Debt Equity Ratio at 0.35,' said Deepak Nanda, managing director, Trident Limited. 'Furthermore, our financial health has been reinforced through sustaining the Current Ratio at 1.87 from 1.98 on a QoQ basis, despite economic challenges and international fluctuation.' 'Our focus on innovative product pipelines aligned with evolving consumer preferences, combined with positive tailwinds from recent US tariff revisions and new FTA between India and UK, positions us favourably to capitalise on emerging opportunities as we maintain our commitment to sustainable growth and operational excellence,' added Nanda. 'Going forward, we shall continue focusing on improving our volumes, value added products and ESG. With this foundation, Trident Limited stands poised to continue its journey of sustainable growth and innovation in the ensuing period.' Fibre2Fashion News Desk (SG)
Time of India
5 days ago
- Business
- Time of India
FTA with UK to benefit thousands of chartered accountants, firms: ICAI president
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel The India-UK free trade agreement is expected to significantly boost the flow of high-value professional services work into India, benefiting thousands of chartered accountant firms and professionals, Institute of Chartered Accountants of India ( ICAI ) president Charanjot Singh Nanda said on Friday.'By actively engaging with the commerce and industry ministry, the ICAI ensured liberal market access and the inclusion of a reciprocity clause protecting the use of the 'chartered accountant' title,' Nanda would benefit from the FTA due to its cost advantage, skilled workforce, and reputation, he has pledged to open 108 sub-sectors of services, including accounting, environmental services and auxiliary financial services, to UK firms under the trade deal signed on Thursday. In return, London will grant Indian companies access to 137 sub-sectors covering nearly all of New Delhi's current services said the ICAI also rooted for mutual recognition of qualifications, enabling Indian chartered accountants to register and practice in the UK on a reciprocity ICAI, through its Council, had provided technical inputs on licensing, qualification recognition, and digitally delivered services, leading to the formal inclusion of cross-border supply under the so-called Mode 1 services, Nanda said. 'This opens significant outsourcing opportunities in areas such as bookkeeping, tax and consulting,' he the ICAI had facilitated provisions for commercial presence under Mode 3 services, which will enable Indian firms to register and operate in the UK without discriminatory restrictions while restoring the principle of reciprocity, Nanda said.
