Tax Audit Deadline September 30: Eight changes in forms for AY 2026-2027 - All taxpayers need to know
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Representative image. Photograph: (Magnific)
A tax audit includes reconciliation of turnover and other figures with GST records, verifying TDS and TCS information, checking AIS, TIS and Form 26AS data, and matching bank transactions with books of account, other than preparing and uploading a report.
The tax audit deadline for AY 2026-27 is approaching, and the last date to file is September 30. However, the demand to extend the filing deadline is making the rounds on social media, where people are demanding more time, with October 31 emerging as the proposed new deadline. Untill date is not postpone, taxpayers need to know the 8 changes in forms for AY 2026-2027 and start filing, keeping the deadline date on head.
A tax audit includes reconciliation of turnover and other figures with GST records, verifying TDS and TCS information, checking AIS, TIS and Form 26AS data, and matching bank transactions with books of account, other than preparing and uploading a report.
Eight changes in Income Tax Audit forms
1. Clause 12 now covers Section 44BBC
Clause 12 has been amended to bring Section 44BBC under the reporting requirements for income taxable on a presumptive basis.
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2. Four deduction references removed from Clause 19
Clause 19 no longer includes references to Sections 32AC, 32AD, 35AC and 35CCB.
3. Clause 21 introduces reporting on settlement expenditure
Clause 21 now includes a separate requirement to report expenditure incurred while settling proceedings related to a contravention under any law notified by the central government.
4. Clause 22 overhauled for MSME-related payments
Clause 22 has undergone significant revision, now requiring disclosure of interest disallowed under Section 23 of the MSMED Act, amounts owed to micro or small enterprises under Section 15, payments made within the prescribed timeline, and amounts that remain both unpaid and disallowed.
5. Clause 26 aligned with the updated Section 43B framework
Clause 26 has been revised to match the current provisions under Section 43B, including specific reporting requirements under Section 43B(h) for payments made to micro and small enterprises.
6. Clauses 28 and 29 dropped entirely
Clauses 28 and 29 have been removed altogether from Income Tax Audit Form 3CD.
7. Clause 31 demands more granular transaction details
Clause 31 now requires more detailed reporting on the nature and mode of relevant loans, deposits, specified advances and repayments, along with the applicable transaction codes.
8. New Clause 36B introduced for share buybacks
A new Clause 36B has been added to report amounts received by an assessee on the buyback of shares under Section 2(22)(f), covering both the amount received and the corresponding cost of acquisition.
