Summary

This video provides a comprehensive guide to Tax Audit limits for Assessment Year (AY) 2026-27 under the Indian Income Tax Act. It clarifies that while a new Income Tax Act is in effect, the Central Board of Direct Taxes (CBDT) has specified that tax audits for this period will still follow the old act’s forms (3CA, 3CB, and 3CD).

Key takeaways include:

• Audit Thresholds: The general limit for businesses is ₹1 crore, extending up to ₹10 crore if 95% of transactions are digital. For professionals, the limit is ₹50 lakh, extending to ₹75 lakh for digital transactions.

• Presumptive Taxation: Guidance on Sections 44AD and 44ADA, including the consequences of opting out and the profit margins required (6% or 8% for business; 50% for professionals) to avoid a mandatory audit.

• Deadlines: The Tax Audit report must be filed by September 30, 2026, and the Income Tax Return (ITR) by October 31, 2026.

• Penalties: Failure to comply results in a penalty of 0.5% of turnover or ₹1,50,000 (whichever is lower). The video also highlights upcoming changes to “late fees” starting in the next financial year.

• Professional Requirements: Only practicing Chartered Accountants are authorized to conduct these audits.

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