ICAI Releases Eleventh Edition of Guidance Note on Tax Audit under Section 44AB of Income Tax Act, 1961 (Revised 2026):

The Direct Taxes Committee (DTC) of the Institute of Chartered Accountants of India (ICAI) has released the eleventh edition of a publication titled "Guidance Note on Tax Audit under Section 44AB of the Income-tax Act, 1961 (Revised 2026)." The first edition was released in 1985.

The President of ICAI, CA. Prasanna Kumar D has appreciated the efforts and valuable contribution of CA. Chandrashekhar Vasant Chitale, Chairman, DTC, CA. Pankaj Shah, Vice-Chairman, DTC and all the members of the committee for this incredible eleventh edition of the publication.

The key legislative developments reflected in the publication include " introduction of Digital Personal Data Protection Act 2023, introduction of VDAs and Carbon Credits, where dealt with on a regular basis, New Guidelines on Ethical Issues, relevant judicial pronouncements and prevailing professional practices."

A tax audit is a process in which a chartered accountant conducts an audit of a taxpayer's accounts in accordance with the requirements of section 44AB. A chartered accountant conducting a tax audit is required to give his findings and observations in Forms 3CA and 3CB of the audit report. The same is reported by the CA in Form Nos 3CA/3CB and the statement of particulars in Form 3CD.

The president is confident that the introduced eleventh revision in the Guidance Note will significantly help chartered accountants (CAs) and will serve as a reliable reference resource to them. The note will assist them in conducting tax audits effectively.

Refer to the formal PDF for the Guidance Note for complete information.