Exposure Drafts
RBI Draft
Draft Directions related to Closure of Shipping Bills in the Export Data Processing and Monitoring System (EDPMS)
[Last date for Comments: July 31, 2025]
3 IFSCA Drafts
Consultation Paper on appointment of Public Interest Directors on the Governing Board of Market Infrastructure Institutions
[Last date for Comments: August 2, 2025]
Consultation Paper on the proposed modification to the Part-A of Annexure II [‘Video based Customer Identification Process (‘V-CIP’) for Indian Nationals’] of the International Financial Services Centres Authority (Anti Money Laundering, Counter-Terrorist Financing And Know Your Customer) Guidelines, 2022
[Last date for Comments: August 1, 2025]
Consultation Paper on Master Circulars for Capital Market Intermediaries in the IFSC
[Last date for Comments: July 21, 2025]
RBI Draft
Draft Reserve Bank of India (Novation of OTC Derivative Contracts) Directions, 2025
[Last date for Comments: August 1, 2025]
SEBI Draft
Consultation Paper on Measures for Regulation of Activities of Credit Rating Agencies (CRAs)
[Last date for Comments: July 30, 2025]
ICAI Exposure Draft
Direct Taxes Committee
The Institute of Chartered Accountants of India
4th July, 2025
Sub: Exposure Draft - 'Guidance Note on Tax Audit under section 44AB of the Income-tax Act,1961' for Public Comments
In August, 2023, the Direct Taxes Committee (DTC) had come out with a Revised Edition of "Guidance Note on Tax Audit under section 44AB of the Income-tax Act,1961 (Revised 2023)". Thereafter, in June, 2024, the DTC had come out with 'Implementation Guide on Revision in Form No. 3CD and Form No. 3CEB in March, 2024', containing specific guidance on the amendments in Form No. 3CD and Form No. 3CEB vide Notification No. 27/2024 dated 05.03.2024 & Notification No. 34/2024 dated 19.03.2024. The Implementation Guide was to be read along with the Guidance Note on Tax Audit under section 44AB of the Income-tax Act, 1961 (Revised 2023).
Thereafter, amendments to the Income-tax Act, 1961 were made by the Finance (No. 2) Act 2024 and Finance Act 2025. Also, recently, the CBDT has issued Notification No. 23/2025 dated 28th March 2025, notifying further amendments to Form No. 3CD, which come into effect from 1st April 2025.
Considering these recent changes in Form No. 3CD and amendments by the Finance (No. 2) Act 2024 and Finance Act 2025 in the Income-tax Act, 1961, DTC proposes to revise the "Guidance Note on Tax Audit under section 44AB of the Income-tax Act, 1961 (Revised 2023)" for the benefit of the members. Accordingly, the Exposure Draft - 'Guidance Note on Tax Audit under section 44AB of the Income-tax Act, 1961', incorporating the proposed changes, has been issued for public comments. The Exposure Draft can be accessed at the link https://resource.cdn.icai.org/86832dtc-exp-draft-44ab.pdf
Invitation to Comment
Comments are invited on any aspect of this Exposure Draft. Comments are most helpful if they-
indicate the specific paragraph or group of paragraphs of the Guidance Note to which they relate and the specific clause of Form No.3CD (in case the suggestion pertains to that clause);
contain a coherent rationale, and
provide a clear suggestion for the change
Also, comments may be in the form of supplementing any para in the Exposure Draft with relevant case law of the Supreme Court/relevant Circular/Notification.
How to Comment?
The comments on the above mentioned Exposure Draft are to be sent at the following link latest by 20th July, 2025 - https://docs.google.com/forms/d/e/1FAIpQLSfNvQp-lghZPWHe8134JVjHQQndAHcj5XmZDUbl-fjXTIccIA/viewform
AICPA Draft
Exposure Draft on Proposed Statement on Auditing Standards - The Auditor's Responsibilities relating to Fraud in an Audit of Financial Statements
[Last date for Comments: October 3, 2025]
FRC Draft
Exposure draft of UK Sustainability Reporting Standards:
UK SRS S1 and UK SRS S2
[Last date for Comments: September 17, 2025]
SEBI Draft
Consultation Paper On Review Of Regulatory Framework On Permissible Business Activities For Asset Management Companies Under Regulation 24 Of The Sebi Mutual Funds Regulations 1996
[Last date for Comments: July 28, 2025]
SEBI Draft
Electronic Book Provider platform for issuance of instruments by Not for Profit Organizations on Social Stock Exchange
[Last date for Comments: July 24, 2025]
ICAI Draft
Draft amendments in Regulation 204 of the Chartered Accountants Regulations, 1988
[Last date for Comments: July 31, 2025]
SEBI Draft
Consultation on Draft Circular on Review of Framework for Conversion of Private Listed InvIT into Public InvIT
[Last date for Comments: July 22, 2025]
- SEBI Draft: Revised Guidelines for Capacity Planning and Real Time Performance Monitoring framework of MIIs with Commodity Derivative Segment
- MCA Draft: Companies (Meetings of Board and its Powers) Amendment Rules
- SEBI Draft: Strengthening Governance of Market Infrastructure Institutions (MIIs)
- SEBI Draft: Guidelines for responsible usage of AI/ML In Indian Securities Markets
- SEBI Draft: Modification of Unique Client Code by Market Makers without levy of penalty
- RBI Draft Master Direction: RBI (Rupee Interest Rate Derivatives) Directions, 2025 under Section 45 W of the RBI Act, 1934