LatestAccounting And Audit 11 July 2026
India Audit Rules Updates
The Delhi High Court has reaffirmed that institutional rules cannot dilute statutory confidentiality, and the ICAI has released an exposure draft of a guidance note on tax audit under Section 44AB of the Income Tax Act, while the Centre has mandated the TReDS route for CPSE purchases from MSMEs, aiming to accelerate payments and strengthen MSME liquidity, with the government introducing new regulatory measures for high-alcohol medicines and proposing licensing rules
The Delhi High Court has reaffirmed the principle that institutional rules cannot dilute statutory confidentiality.
The ICAI has released an exposure draft of a guidance note on tax audit under Section 44AB of the Income Tax Act.
Key points include:
- Mandatory TReDS settlement for CPSE-MSME transactions to accelerate payments
- Strengthening MSME liquidity and promoting payment discipline
- New regulatory measures for high-alcohol medicines and proposed licensing rules
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