Audit Report for institutions covered U/s 10(23C)(iiiad)

[KERAGODEGOPALARAO ANANTHARAO]

Is audit report is compulsoury for the institutions which are covered U/s 10(23C)(iiiad)

[TANAY GHILDIYAL]

Once the total income without giving effect to subclauses of 10(23C) exceeds the maximum amount which is not chargeable to tax in any previous year, the accounts are required to be audited by a qualified Accountant as per Section 288(2) and should furnish such report in Form 10BB along with the return of income for the relevant assessment year.

Tanay Ghildiyal

9873938771

AI Summary

Audit requirement: institutions under the charitable exemption must obtain a qualified accountant audit and file Form 10BB when income exceeds exemption.
If an exempt institution's total income, before applying exemption subclauses, exceeds the maximum non taxable amount in a previous year, accounts are required to be audited by a qualified accountant and the audit report must be furnished in Form 10BB with the return of income for the relevant assessment year.