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LatestAccounting And Audit 19 September 2026

2026 Tax Audit and Gold Rules Update

India’s 2026 fiscal updates bring notable shifts: new tax rules for gold ornaments lift previous limits, eight revisions alter income‑tax audit forms for AY 2026‑27, and IND AS 109’s expected credit loss methodology is contrasted with CECL. Additionally, audit report filing deadlines tighten, and companies like PNC Media and Sai Urja face stricter statutory audit compliance. Professionals must adapt quickly to avoid penalties and ensure accurate reporting.

Key 2026 Tax & Audit Changes
- Gold ornaments: No legal cap on gold holdings; new tax audit nuances under Section 44AB are detailed in the CA Club India article.
- Income‑tax audit forms: Eight form changes for AY 2026‑27, including revised turnover thresholds for presumptive taxation, explained by the Economic Times here.
- IND AS 109 vs CECL: Comparison of 12‑month vs lifetime expected credit loss models discussed in another CA Club India piece link.
- Audit report deadline: Tax audit reports must be uploaded by 30 Sept 2026; details in the Economic Times article.
- Company audits: PNC Media and Sai Urja Indo Ventures disclose compliance with statutory audit rules, see their reports on India Infoline PNC and Sai Urja.

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