[Video] TAX AUDIT LIMIT AY 2026-27 ! DUE DATE ! PENALTY! FORMS ! INCOME TAX LATEST UPDATE

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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TAX ON CASH WITHDRAWAL FROM BANK NEW INCOME TAX RULES 2026

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This video explains the updated rules for Tax Deducted at Source (TDS) on cash withdrawals as per the Income Tax Act 2025, effective from April 1, 2026.

Under Section 393(3), a 2% TDS is applicable on cash withdrawals exceeding specific thresholds within a financial year. For individuals, companies, and partnership firms, the limit is ₹1 crore, while for cooperative societies, the limit is extended to ₹3 crore. The tax is levied only on the amount exceeding these limits. The video also highlights specific exemptions for government bodies and banking entities, and details the reporting requirements via Form 140 (for residents) and Form 144 (for non-residents), using section codes 1065 and 1064. Taxpayers can claim credit for this TDS while filing their income tax returns, provided they maintain proper documentation for the cash utilization.

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Here is the topic-wise breakdown of the video with corresponding timestamps:

• Income Tax Notices for Financial Year 2022-23
  • General information about the notices [00:00]
  • Reasons for issuing the notices [00:49]
  • Email example of a notice [01:18]
  • How to check the notice [02:50]
• Updated Returns
  • Deadline for filing updated returns [02:18]
  • Additional tax and interest for updated returns [02:25]
• Responding to Notices
  • Providing feedback on AIS information [03:37]
  • Explaining the source of funds for purchases [04:46]
• Consequences of Not Responding
  • Potential for further scrutiny and notices [06:13]
  • Tax implications for unexplained expenses [07:13]
  • Importance of addressing notices [08:02]