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This is only a renumbering — Section 44AB of ITA 1961 is now Section 63 of ITA 2025. The legal position is unchanged. Existing judicial precedents continue to apply. No action required beyond updating section references in filings from AY 2026-27 onwards.
Section 44AB: Compulsory audit of accounts for business turnover exceeding Rs. 1 crore (Rs. 10 crore if cash transactions ≤5%), profession receipts exceeding Rs. 50 lakh.
Section 63: Tax audit provision. Thresholds unchanged.
Renumbered from 44AB to 63. Audit thresholds and requirements unchanged.
Only renumbering; substantive law unchanged. Existing judicial precedents continue to apply.
AY 2026-27 only: CBDT Circular No. 07/2026 extends the tax-audit report deadline from 30 September 2026 to 21 October 2026 for Persons at Serial No. 2 in the Table below Explanation 2 to section 139(1) of the Income-tax Act, 1961, for AY 2026-27. It does not change the Tax Year 2026-27 rules under the 2025 Act.
This is only a renumbering — Section 271B of ITA 1961 is now Section 446 of ITA 2025. The legal position is unchanged. Existing judicial precedents continue to apply. No action required beyond updating section references in filings from AY 2026-27 onwards.
Section 271B: Penalty of 0.5% of turnover or Rs. 1.5 lakh, whichever is lower, for failure to get accounts audited under Section 44AB.
Section 446: Same penalty.
Renumbered from 271B to 446. No change.
Only renumbering; substantive law unchanged. Existing judicial precedents continue to apply.