From threshold limits to Form 3CD equivalent clauses, what are the key differences you have spotted between tax audit under the old and new IT Act? Has the compliance burden reduced for practitioners and auditees, or is it largely the same with a new coat of paint?
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Section 44AB is Gone — How Different is Tax Audit Under the New Act?
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Quick Summary
The transition marks a shift from "Volume" to "Value." While many smaller clients will no longer require audits due to higher thresholds (₹15Cr digital/₹75L professional), the audits that remain will demand higher technical proficiency in digital forensics and GST-income tax cross-linking. It’s less of a "new coat of paint" and more of an "engine overhaul" under the same chassis.
Look at change
From penalty to fees
Penalty can be waived but fees cannot
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