Your daily, professionally curated brief on India’s ICAI, Companies Act, MCA, Tax developments — the changes that affect many taxpayers and businesses, summarised for Chartered Accountants and finance professionals, with a clear note on why each matters.
Unpaid Fee of Existing Auditor? New CA Must Not Accept Audit Assignment, Says ICAI
ICAI · Taxscan · Thu Jun 04 2026 00:00:00 GMT+0530 (India Standard Time)
The ICAI has mandated that a new Chartered Accountant must not accept an audit assignment if the existing auditor has unpaid fees. This rule applies to all types of audits, aiming to maintain professional integrity and discourage unhealthy competition. Why it matters: This guideline reinforces ethical practices within the profession, ensuring that financial professionals uphold standards of accountability and fairness.
Kuku files confidentially for ₹3,500-crore IPO, seeks valuation of up to ₹15,000 crore
Companies Act · Livemint – Companies · Thu Jun 04 2026 00:00:00 GMT+0530 (India Standard Time)
Kuku Technologies has confidentially filed for an IPO aiming to raise between ₹2,500 crore and ₹3,500 crore, with a projected valuation of up to ₹15,000 crore. This move highlights the growing interest in the digital entertainment sector, particularly in micro-dramas and vernacular content.
Google’s AI race gets costlier as Alphabet upsizes equity raise to $84.75 billion
Companies Act · Livemint – Companies · Thu Jun 04 2026 00:00:00 GMT+0530 (India Standard Time)
Alphabet increases planned equity raise to $84.75 billion to fund AI infrastructure and data centers.
Sony, 3one4 Capital back WeRize in fresh funding as fintech eyes 2028 IPO
Companies Act · Livemint – Companies · Thu Jun 04 2026 00:00:00 GMT+0530 (India Standard Time)
WeRize raises fresh capital led by Sony Innovation Fund, aiming for AI-driven financial products and a potential IPO in 2028.
‘No better opportunity than India’: Citi’s Ernesto Torres Cantu on layoffs, AI, and supply chains
Companies Act · Livemint – Companies · Thu Jun 04 2026 00:00:00 GMT+0530 (India Standard Time)
Citi’s Ernesto Torres Cantu highlighted India’s resilience against global job cuts and its potential for foreign investment amid AI and supply chain changes.
Hindustan Zinc publishes public notice for 60th AGM – scanx.trade
MCA · MCA (Google News) · Thu Jun 04 2026 00:00:00 GMT+0530 (India Standard Time)
Hindustan Zinc has published a public notice regarding its 60th Annual General Meeting (AGM). This notice is part of the compliance requirements under the Companies Act for holding AGMs and informing shareholders about the meeting details.
ITR filing AY 2026-27: Essential documents you should keep ready for hassle-free return filing
Tax · Livemint – Money · Thu Jun 04 2026 00:00:00 GMT+0530 (India Standard Time)
As the ITR filing season for AY 2026-27 approaches, taxpayers are advised to prepare essential documents such as PAN, Form 16, bank statements, capital gains statements, and investment proofs for claiming deductions. This preparation is crucial for a smooth filing process.
Material Cost Not Liable for TDS u/s 194C: ITAT Restricts Sec. 40(a)(ia) Disallowance to 30% of Defaulted Amount [Read Order]
Tax · Taxscan · Thu Jun 04 2026 00:00:00 GMT+0530 (India Standard Time)
The Income Tax Appellate Tribunal (ITAT) ruled that material costs incurred for installation do not attract TDS under Section 194C, thereby restricting the disallowance under Section 40(a)(ia) to 30% of the defaulted amount. This decision clarifies the applicability of TDS provisions on material costs, impacting how businesses account for such expenses.
No Double Taxation on Liability Write-Back: Delhi ITAT Deletes Section 41(1) Addition and Notional Interest Demand
Tax · TaxGuru – All · Thu Jun 04 2026 00:00:00 GMT+0530 (India Standard Time)
The Delhi ITAT ruled that liabilities previously written back and taxed in earlier years cannot be subjected to further taxation under Section 41(1), thereby preventing double taxation. This decision clarifies the treatment of liability write-backs and reinforces the principle against taxing the same income multiple times. Why it matters: This ruling is significant for tax professionals as it impacts the treatment of liability write-backs in financial statements and tax assessments.
Bangalore ITAT: Section 54 Relief Cannot Be Denied If Capital Gains Are Invested Before Filing Return u/s 139(4)
Tax · TaxGuru – All · Thu Jun 04 2026 00:00:00 GMT+0530 (India Standard Time)
The Bangalore ITAT ruled that taxpayers can claim Section 54 relief on capital gains if the investment in a new residential house is made before filing the return under Section 139(4). This decision clarifies that prior deposit in the Capital Gains Account Scheme is not mandatory for availing the relief. Why it matters: This ruling provides clarity for taxpayers and CAs on the eligibility for claiming tax relief on capital gains investments.