Deduction under section 32AB: audit form prescribes documentary, accounting and deposit requirements to claim investment deduction. Sets out two audit-report formats to support claims for the investment deduction: Part I when accounts are audited under another law (annex statutory ... Summary
Deduction under section 32AB: audit form prescribes documentary, accounting and deposit requirements to claim investment deduction.
Sets out two audit-report formats to support claims for the investment deduction: Part I when accounts are audited under another law (annex statutory audit report and audited financial statements), and Part II when no other audit exists (auditor to examine books, confirm proper records and that accounts give a true and fair view). Both require the auditor to verify and sign the detailed particulars in Part III, which specify accounting method, separate accounts status, reconciliation adjustments, Development Bank deposit and withdrawal details under the Investment Deposit Account Scheme, asset acquisition/disposal disclosures, and the amount of deduction permissible.
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