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LatestAccounting And Audit 2 July 2026

CA Updates and Tax News

Vice President CP Radhakrishnan urged the ICAI to maintain high exam standards for chartered accountants, while Motherson Sumi Wiring reappointed S.R Batliboi & Co. as its auditor for four years. July 1 is also significant for chartered accountants in India as it marks CA Day, and the RBI has opened the exit door for low-risk NBFCs. Additionally, stock traders need to be aware of when income tax audit becomes mandatory for AY 2026-27, with a raised threshold limit of Rs 10 crore applicable under certain conditions.

Recent updates in the chartered accountant space include Vice President CP Radhakrishnan's urging of the *ICAI* to keep exam standards firm.
In other news, *Motherson Sumi Wiring* has reappointed *S.R Batliboi & Co.* as its auditor for four years.
- The significance of July 1 for chartered accountants in India is due to it being *CA Day*, which marks the history and disciplinary process of the profession.
- The *RBI* has also opened the exit door for low-risk *NBFCs*, but with certain conditions that demand attention.
- Furthermore, stock traders need to be aware of when *income tax audit* becomes mandatory for AY 2026-27, with a raised threshold limit of Rs 10 crore applicable if cash receipts and payments do not exceed 5% of the total transactions.

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