Section 44AB Tax Audit: Who Needs It and What Are the Turnover Limits

Karan Malhotra Editorial Team · Mar 5

Audit

Section 44AB tax audit applies if your business turnover exceeds Rs 1 crore or professional receipts cross Rs 50 lakh. Here are the limits and penalties.

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Proposed Restriction on Big Four Audits in Sensitive Sectors — PMO Evaluating Major Policy Shift

Vikram Mehta Editorial Team · Apr 9

Audit

PMO is considering restricting Big Four firms from auditing sensitive sectors due to data security concerns. ICAI has been asked to strengthen domestic audit capacity. Final decision is awaited.

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ICAI Tightens UDIN for Tax Audits: What Field-Level Validation Under Section 44AB Means From 1 April 2026

Karan Malhotra Editorial Team · Apr 5

Audit

From 1 April 2026, the ICAI UDIN portal enforces field-level validation across all sub-clauses of Section 44AB, requires PAN as a mandatory input, and caps tax audit UDINs at 60 per partner. A practical walk-through of what has changed, why, and how the tax audit workflow needs to adjust.

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Tax Audit Limit AY 2026-27: Section 44AB, 44AD, 44ADA Thresholds, Cash-Receipts Test & Basic Exemption Limit Decoded

Priya Sharma Editorial Team · Apr 24

Income Tax

Tax audit applicability AY 2026-27: Section 44AB (Rs. 1 Cr / Rs. 10 Cr under 5% cash test), 44AB profession Rs. 50 L, 44AD presumptive Rs. 2 / 3 Cr, 44ADA Rs. 50 / 75 L, new-regime BEL Rs. 4 lakh per FA 2025, plus the 44AD(4) five-year lock-in rule and flowchart corrections.

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F&O and Intraday Trading Taxation for AY 2026-27: ITR-3, Audit Threshold, 44AD Presumptive Scheme, ICAI Turnover Rule, and the 2026 STT Hike

Karan Malhotra Editorial Team · May 3

Personal Finance

F&O = non-spec business; intraday = spec business. File ITR-3. Audit at Rs 10 cr turnover (95% digital). 44AD: 6% digital up to Rs 3 cr. ICAI 8th edition: turnover = absolute P&L. F&O loss carries 8 yrs (Sec 72); intraday loss only against spec gains, 4 yrs (Sec 73).

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Freelancer and Gig Worker ITR for AY 2026-27 — Section 44ADA Presumptive Scheme, ITR-3 vs ITR-4 (Sugam), Advance Tax, and Tax Audit Triggers

Sneha Joshi Editorial Team · Apr 18

Personal Finance

Freelancers and gig workers, AY 2026-27. Sec 44ADA presumptive: 50% deemed profit on receipts up to Rs 50L (Rs 75L if cash receipts ≤ 5%). Specified professions only (Sec 44AA(1)) — IT, legal, medical, accountancy etc. ITR-4 (Sugam) for presumptive (total income ≤ Rs 50L); ITR-3 otherwise. Advance tax in one shot by 15 March. Sec 44AB audit if you declare lower than 50% AND income exceeds basic exemption.

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NFRA Powers Explained: Can Your Firm Really Be Debarred for 10 Years?

Priya Sharma Editorial Team · Apr 26

CA (ICAI)

NFRA powers under Section 132 of the Companies Act, 2013: debarment up to 10 years, penalties (Rs. 1L/5x fees individuals; Rs. 10L/10x fees firms), civil-court powers, who falls under NFRA jurisdiction, and what every audit professional must do now.

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Form No. 101 Decoded: The New Inventory Valuation Report Every CA Must Know Under Income-tax Rules, 2026

Priya Sharma Editorial Team · Apr 27

Income Tax

Form 101 under Rule 171(2) of the Income-tax Rules, 2026 replaces Form 6D — an AO-triggered Cost Accountant inventory valuation under Section 268(5)(ii) of the Income-tax Act, 2025. Six-month clock, structured schedules, and direct exposure for manufacturing, real estate and trading clients.

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Section 146 & Form 34 Explained: 30% Deduction on Additional Employee Cost Under the Income Tax Act, 2025

Priya Sharma Editorial Team · Apr 26

Income Tax

Section 146 of the Income Tax Act, 2025 carries forward the 30% deduction on additional employee cost (old Section 80JJAA) for three tax years. Form 34 (Rule 68) is the new prescribed CA-certified report, mandatory for assessees liable to audit under Section 63. Effective Tax Year 2026-27.

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Turnover-Based TDS Obligations for Individuals and HUFs from 1st April 2026 — Complete Guide

Priya Sharma Editorial Team · Apr 2

Income Tax

From 1st April 2026, individuals and HUFs exceeding turnover thresholds of Rs 50 Lakh (profession), Rs 1 Crore (business), or Rs 10 Crore (194Q goods) during FY 2025-26 must deduct TDS. Covers applicable sections, rates, practical examples, and penalties.

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Section 44ADA: Presumptive Tax Scheme for Professionals Explained

Sneha Joshi Editorial Team · Mar 28

Income Tax

Section 44ADA lets eligible resident professionals declare 50% deemed profit — saving on books and audit if conditions are met.

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Section 44AD Presumptive Tax: Rates and Rules FY 2025-26

Pooja Verma · Jan 12

Income Tax

Section 44AD lets small businesses pay tax on deemed profits of 6-8% of turnover without books or audit. Know the rules for FY 2025-26.

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ICAI Expands Mandatory Applicability of AQMM: Key Changes Under Version 2.0 Explained

CA Mohan Bhagwat CA · Apr 13

CA (ICAI)

ICAI has expanded AQMM applicability under Version 2.0, making it mandatory for more audit firms, including those auditing group entities and large unlisted companies. Phased implementation begins from April 1, 2026, aiming to enhance audit quality.

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Section 194C: TDS on Payments to Contractors for FY 2025-26

Amit Saxena · Jan 25

Income Tax

TDS under Section 194C applies at 1% or 2% on contractor payments exceeding Rs 30,000 per transaction or Rs 1 lakh per year.

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Old vs New Income Tax Forms: Complete Mapping of What Changes from April 2026

Vikram Mehta Editorial Team · Apr 7

Income Tax

CBDT has notified new income tax form numbers under IT Rules 2026. Forms 26QB/QC/QD/QE merge into Form 141, tax audit forms 3CA/3CB/3CD become Form 26, and more. Complete old-to-new mapping inside.

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