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

Under section 63 of the Income-tax Act, 2025, which statement about the accountant's report is correct?

The report must be in the prescribed form, duly signed and verified by the accountant, and must set out the particulars prescribed. The assessee furnishes it by the specified date, but the accountant carries the responsibility of signing and verifying its contents.

  1. AThe report need only be signed by the assessee, with the accountant merely reviewing the accounts
  2. BThe report must be in the prescribed form, duly signed and verified by the accountant, and set out the prescribed particularsCorrect
  3. CThe report is required only in free narrative form, without any prescribed particulars
  4. DThe report is signed by the Assessing Officer after receiving the accounts

Explanation

Section 63(3) requires the assessee to furnish the audit report in the prescribed form, duly signed and verified by the accountant and setting forth the prescribed particulars. The accountant, not the assessee or the Assessing Officer, signs and verifies it.

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