TMI BlogAlignment of the time limit for furnishing the form for accumulation of income and tax audit reportX X X X Extracts X X X X X X X X Extracts X X X X ..... rst regime are required to get their accounts audited as per the provisions of clause (b) of the tenth proviso to clause (23C) of section 10 of the Act. The trusts and institutions under second regime are required to get their accounts audited as per the provisions of sub-clause (ii) of clause (b) of sub-section (1) of section 12A of the Act. The audit report under both the regimes is required to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ue date specified under sub-section (1) of section 139 of the Act for furnishing the return of income for the previous year. 8.4 Clause (2) of Explanation 1 to sub-section (1) of section 11 of the Act provides that where the trust or institution under the second regime deems certain income to be applied, such trust or institution is required to furnish a statement in the prescribed form (Form 9 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion 139 for furnishing the return of income for the previous year. Necessary amendments in this regard are proposed in, a) clause (c) of Explanation 3 to third proviso of clause (23C) of section 10 of the Act; b) clause (2) of Explanation 1 sub-section (1) of section 11 of the Act; c) clause (c) of sub-section (2) of the said section 11 of the Act. 8.7 These amendments will take effect ..... X X X X Extracts X X X X X X X X Extracts X X X X
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