8 changes in income tax audit forms for AY 2026-2027; what taxpayers need to know

For the assessment year 2026-2027, the deadline for income tax audits is set for September 30, 2026. Businesses utilizing presumptive taxation schemes should be aware that they may still need to undergo income tax audits, depending on their turnover. Significant updates to Form 3CD's reporting requirements have been implemented for this assessment year, which include new clauses concerning presumptive taxation, MSME payments, settlement expenditures, and share buybacks.