Latest Tax Audit Update for AY 2026-27: Rules, Due Dates & Compliance
Complete guide on Tax Audit applicability under Section 44AB, turnover limits, penalties, F&O taxation rules and latest income tax updates.
Quick Summary
📅 Due: 30 Sept 2026
📄 ITR: 31 Oct 2026
🏢 Limit: ₹1 Cr
💻 Digital: ₹10 Cr
Tax Audit Overview
Tax Audit ensures compliance of income declared under Income Tax Act. It is mandatory if turnover exceeds prescribed limits.
Latest Update: Tax Audit report expected due date is 30 September 2026.
Tax Audit Turnover Limits
| Category | Limit |
|---|---|
| Business | Above ₹1 Crore |
| Digital Business | Above ₹10 Crore |
| Profession | Above ₹50 Lakh |
Important Due Dates
| Compliance | Date |
|---|---|
| Tax Audit Report | 30 Sept 2026 |
| ITR Filing (Audit) | 31 Oct 2026 |
| TP Cases | 30 Nov 2026 |
Penalty Structure
| Default | Penalty |
|---|---|
| No Audit | 0.5% of Turnover |
| Maximum Limit | ₹1,50,000 |
F&O Tax Audit Rules
- F&O treated as business income
- Turnover = absolute profit calculation
- Broker P&L mandatory
- Loss filing allowed for carry forward
Required Documents
BooksLedger & Cash Book
GSTGSTR-1 & 3B
BankStatements
TDS26AS & AIS