Skip to content

CS Professional · Advanced Direct Tax Laws and Practice · Tax Audit

Under Section 348 of the Income-tax Act, 2025, what must the person in receipt of the income of a registered non-profit organisation do regarding the audit report?

The person in receipt of the income must furnish the audit report by the prescribed date in the prescribed form, duly signed and verified by the accountant, with the prescribed particulars. Simply getting the audit done and keeping the report on file does not satisfy Section 348.

  1. AKeep it with the books and produce it only if the Assessing Officer calls for it
  2. BFurnish it by the prescribed date in the prescribed form, duly signed and verified by the accountantCorrect
  3. CFurnish it only if the accountant qualifies the report
  4. DSend it to the accountant's professional body instead of the tax department

Explanation

Section 348 requires the person in receipt of the income to furnish a report of audit of such income by the prescribed date, in the prescribed form, signed and verified by the accountant and setting out the prescribed particulars. Merely retaining it is not compliance.

Did you get it right without looking?

One question tells you little. A timed set on Tax Audit shows your real accuracy, how long you take and where you lose marks.

Practise Tax AuditFree diagnostic mock

More Tax Audit questions