LatestAccounting And Audit 19 September 2026
Eight Tax Audit Form Changes for AY 2026‑27
The Income Tax Department has introduced eight revisions to audit forms for assessment year 2026-27, raising turnover limits for presumptive taxation when cash receipts are under 5% of total income, adjusting Section 44AD thresholds, adding new reporting formats, and extending compliance timelines. Taxpayers should review these changes to file correctly and avoid penalties.
Key changes to audit forms for AY 2026‑27
- Turnover limit for presumptive taxation raised when cash receipts ≤ 5% of total.
- Section 44AD threshold increased, allowing larger businesses to opt for the presumptive scheme.
- New format introduced for audit report submission, with electronic filing mandatory.
- Compliance deadlines extended by 30 days to give taxpayers more time.
For full details, see the Economic Times article here.
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