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CS Executive · Tax Laws and Practice · Procedural Compliance under Income Tax

A business is required under another law to get its accounts audited. Under section 63(4) of the Income-tax Act, 2025, what is sufficient to comply with the tax audit requirement?

It is sufficient to get the accounts audited under the other law before the specified date and furnish that audit report by the specified date together with the accountant's report in the prescribed form, as section 63(4) provides.

  1. AGetting accounts audited under that law before the specified date and furnishing that audit report along with the accountant's report in the prescribed formCorrect
  2. BFurnishing only the audit report under the other law, with no further report
  3. CGetting a fresh tax audit done after the specified date
  4. DFiling the return of income without any audit report

Explanation

Section 63(4) allows audit under another law to suffice if the audit is completed before the specified date and its report is furnished by that date along with the accountant's report in the prescribed form. Furnishing only the other report is incomplete, since the accountant's report is also required.

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