India 2025 tax audit changes: This guide explains the updated

This guide explains the updated Guidance Note on Tax Audit under Section 44AB of the Income- tax Act, 1961, for the Assessment Year 2025 -26 (Financial Year 2024-25). It clarifies who needs a tax audit , points out key changes in Form 3CD, including new clauses for digital transactions, MSME reporting, and buybacks. It also outlines the audit process, lists important due dates, and details the penalties for non-compliance. The guide offers best practices for taxpayers to help ensure smooth ... The Direct Tax Code (DTC) 2025 will replace the Income Tax Act of 1961 and the Wealth Tax Act of 1957, bringing India streamlined and modernised tax systems that clarify regulations, widen income tax brackets, reduce deductions, and aim to increase compliance. The new tax code will consolidate all direct tax laws under a single framework, eliminate outdated exemptions and deductions to broaden the tax base, introduce a dispute mediation mechanism, and expand audit roles beyond Chartered ... The Government of India has introduced the Income- tax (Eighth Amendment) Rules, 2025 , bringing significant changes to the Income- Tax Rules, 1962. These amendments, effective from April 1, 2025 , impact tax audit reporting under Section 44AB of the Income- tax Act, 1961. Check out the detailed analysis on tax and regulatory amendments announced by the Hon'ble Finance Minister at her Budget 2025 -26 speech.