Answer

1. F

   Facts

   For tax year 2026-27 onwards, tax audit is in Sec 63 of the Income-tax Act 2025 (old Sec 44AB), business loss carry forward in Sec 112 (old Sec 72) and speculation loss in Sec 113 (old Sec 73). The condition to file on time for carrying losses is in Sec 121 (old Sec 80).

2. P

   Provisions and law

   • Sec 63, Income-tax Act 2025 (old Sec 44AB)Tax audit
   • Sec 112, Income-tax Act 2025 (old Sec 72)Carry forward of business loss
   • Sec 113, Income-tax Act 2025 (old Sec 73)Speculation loss
   • Sec 121, Income-tax Act 2025 (old Sec 80)Return by due date for carrying forward losses
3. A

   Analysis

   The principles carry over, but expect new form numbers and possibly a fixed late fee for a late audit report under the 2025 Act. Keep trade wise records from April 2026 and pay advance tax on schedule. Losses carried forward from AY 2026-27 under the 1961 Act continue into the new Act as per the transition rules.

4. C

   Conclusion

   1. 1Use 2025 Act numbers for tax year 2026-27 matters
   2. 2Keep trade wise records from April 2026
   3. 3Watch for the new audit form and late fee rules
   4. 4Carry forward old losses as per the transition FAQ

General guidance from TaxSavvy’s library of money processes. Laws change; your Savvy confirms the answer on your exact case before anything is filed.