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Some recent changes or updates in the tax audit provisions include:
The threshold for mandatory tax audit for businesses was increased from ₹1 crore to ₹5 crore (if cash receipts and payments do not exceed 5% of total receipts and payments).
Introduction of faceless assessments and faceless appeals to reduce human interface and enhance transparency.
Continuous updates to the e-filing portal to streamline the filing and submission process.
Adjustments to the due dates for tax audit reports and returns in light of the COVID-19 pandemic and other disruptions.
Enhanced reporting requirements in Form 3CD, including details on cash transactions, related party transactions, and GST compliance.