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of <h1>Rule 18AAAA mandates separate audited accounts for Gujarat earthquake relief; Director General reviews tax status and informs Assessing Officer.</h1> Rule 18AAAA of the Income Tax Rules, 1962 designates the Director General of Income-tax (Exemptions) as the prescribed authority for receiving separate accounts from trusts, funds, or institutions providing relief to Gujarat earthquake victims. These entities must maintain audited accounts of income and expenditure specifically for this purpose and submit them in Form No. 10AA. The Director General assesses whether donations are taxable under specific sections and informs the concerned Assessing Officer within a month. If findings are unfavorable, the authority must provide the assessee an opportunity to respond before finalizing the decision.
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