Accounting And Audit 16 August 2026
Tax Audit Updates
The tax audit under section 44AB for AY 2026-27 has new rules and regulations, including a compulsory tax audit once specified financial thresholds are exceeded, and a 5-Year Lock-in Rule under Section 44AD(4), with penalties for non-compliance, and the due date and form for filing are also specified, with the aim of increasing tax compliance and reducing tax evasion in India
The tax audit under section 44AB for AY 2026-27 has new rules and regulations.
The main points are:
- compulsory tax audit once specified financial thresholds are exceeded
- 5-Year Lock-in Rule under Section 44AD(4)
*Due date and form for filing are also specified*, with the aim of increasing tax compliance and reducing tax evasion in India.
Penalties for non-compliance are also in place.
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