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)

AI Summary

Audit Report Required if Income Exceeds Threshold Under Section 10(23C)(iiiad); Submit Form 10BB Per Section 288(2) (23C) A query was raised regarding whether an audit report is mandatory for institutions under Section 10(23C)(iiiad). The response clarified that if the total income before applying the exemptions of Section 10(23C) surpasses the non-taxable threshold in any previous year, the accounts must be audited by a qualified accountant as per Section 288(2). The audit report should be submitted in Form 10BB along with the income tax return for the relevant assessment year.