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F&O and Intraday Trading Taxation for AY 2026-27: ITR-3, Audit Threshold, 44AD Presumptive Scheme, ICAI Turnover Rule, and the 2026 STT Hike

TaxSocial Editorial Team
TaxSocial Editorial Team · May 3
F&O = non-spec business; intraday = spec business. File ITR-3. Audit at Rs 10 cr turnover (95% digital). 44AD: 6% digital up to Rs 3 cr. ICAI 8th edition: turnover = absolute P&L. F&O loss carries 8 yrs (Sec 72); intraday loss only against spec gains, 4 yrs (Sec 73).
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Which ITR Form Should I File for AY 2026-27? — Decision Tree Across ITR-1, ITR-2, ITR-3, and ITR-4 (Sugam) with Worked Examples

TaxSocial Editorial Team
TaxSocial Editorial Team · May 2
Pick the right ITR for AY 2026-27. ITR-1 (Sahaj) now allows two house properties + LTCG u/s 112A up to Rs.1.25L (CBDT Notif 45/2026). ITR-2 for capital gains above Rs.1.25L, foreign assets, NRI/RNOR. ITR-3 for any business/professional income. ITR-4 (Sugam) for 44AD/44ADA/44AE presumptive. Filing the wrong form triggers Sec 139(9) defective notice.
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Freelancer and Gig Worker ITR for AY 2026-27 — Section 44ADA Presumptive Scheme, ITR-3 vs ITR-4 (Sugam), Advance Tax, and Tax Audit Triggers

TaxSocial Editorial Team
TaxSocial Editorial Team · Apr 18
Freelancers and gig workers, AY 2026-27. Sec 44ADA presumptive: 50% deemed profit on receipts up to Rs 50L (Rs 75L if cash receipts ≤ 5%). Specified professions only (Sec 44AA(1)) — IT, legal, medical, accountancy etc. ITR-4 (Sugam) for presumptive (total income ≤ Rs 50L); ITR-3 otherwise. Advance tax in one shot by 15 March. Sec 44AB audit if you declare lower than 50% AND income exceeds basic exemption.
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Tax Year vs Assessment Year vs Previous Year — What Changed on 1 April 2026 Under the Income Tax Act, 2025 (and What It Means for Your AY 2026-27 ITR)

TaxSocial Editorial Team
TaxSocial Editorial Team · May 7
Income-tax Act, 2025 came into force 1 April 2026 — 'Previous Year / Assessment Year' replaced by a single 'Tax Year'. But your AY 2026-27 ITR (FY 2025-26 income), filed by 31 July 2026, is still under the 1961 Act. Tax Year first applies from FY 2026-27. Full transition map inside.
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ICAI Has Rewritten the Balance Sheet for Every Proprietor, Partnership Firm and HUF: The Non-Corporate Format, the Comparatives Trap and What Your Auditor Must Report From This September

Harsh Vyas
Harsh Vyas CA · Sep 8
ICAI's Guidance Note on Financial Statements of Non-Corporate Entities is live: turnover above Rs 5 crore from FY 2025-26, everyone from FY 2026-27. The vertical format, the previous-year figures you must recast, the notes it demands, and what the auditor reports if you skip it.
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Tax Audit Due Date 21 October 2026 (Extended From 30 September): The Section 271B Penalty If You Miss It (0.5% of Turnover, up to Rs 1.5 Lakh), and the Fee That Replaces It Next Year

Vijay R S
Vijay R S · Sep 11
Miss the tax-audit date for AY 2026-27 (now 21 October 2026, extended from 30 September) and Section 271B lets the Assessing Officer levy 0.5% of turnover or gross receipts, capped at Rs 1.5 lakh. It is discretionary, and Section 273B waives it for reasonable cause. From tax year 2026-27 the Income-tax Act, 2025 replaces it with a fixed fee: Rs 75,000 for up to a month, Rs 1.5 lakh after.
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Declared Profit Below 8% or 6%? You May Need a Tax Audit Even Under Rs 1 Crore: The Section 44AD(4) Trap, and Who It Does Not Catch

Vijay R S
Vijay R S · Sep 11
Turnover under Rs 1 crore does not settle the tax-audit question. If you used Section 44AD in any of the last five years and now declare below 8% (6% on digital receipts), Section 44AD(4) applies, and Section 44AB(e) requires an audit when your total income exceeds the basic exemption limit (Rs 4 lakh, new regime). A first-time low-profit declarant who never opted in is NOT caught.
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Documents Your CA Needs for the Tax Audit: The 15-Item Checklist for AY 2026-27 (and Which Form 3CD Clause Each One Feeds)

Harsh Vyas
Harsh Vyas CA · Sep 11
The tax audit report for AY 2026-27 is due 21 October 2026 (extended). Here is the list a tax auditor needs from a client, in one folder: books and bank statements, GST and TDS returns, the fixed-asset and loan registers, the cash-transaction schedule, the MSME supplier list, the supplier GSTIN master for clause 44, and eight more, each tied to the Form 3CD clause it answers.
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Form 3CD Clause 44 (GST Break-up of Expenditure): Why Your CA Is Asking for Every Supplier's GST Number

Sachin Mohite
Sachin Mohite · Sep 11
Clause 44 of Form 3CD makes the tax auditor split your total expenditure by the supplier's GST status: exempt goods or services, composition dealers, other registered suppliers, and unregistered suppliers. It was deferred four times and has been live since AY 2022-23. What the columns mean, what is excluded, how to build the data from GSTR-2B and the purchase register, and why the number has to tie to your GST returns.
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