8 changes in tax audit form for AY 2026-2027

The Income Tax Audit deadline for the financial year 2026-2027 is September 30, 2026. Chartered Accountants must conduct audits for certain taxpayers to ensure accurate reporting of income, tax deductions, and payments. While presumptive taxation schemes like Section 44AD and 44ADA may reduce the need for an audit, Chartered Accountant Abhishek Soni clarifies that tax audit requirements still depend on the taxpayer's cash receipts and overall turnover.

For businesses, the turnover limit for presumptive taxation increases to Rs 3 crores if cash receipts are 5% or less of total receipts. For professionals, the limit rises to Rs 75 lakhs under the same conditions. When these limits are surpassed, a tax audit under Section 44AB becomes mandatory, despite opting for presumptive taxation.