ICAI Technical Guide on Audit of Charitable Institutions under Section 12A of Income-tax Act, 1961

Dynamics of the income-tax law, compel sharpening of skill sets in the arena for effective performance. Addressing counselling and compliance responsibilities of clients and the other stakeholders, importance of updating professional knowledge, need not be overemphasized. ICAI publications afford professionals, worthwhile insight and guidance in this behalf.

As the members are well aware that the principal aim of the audit of Charitable Institutions is to enable the assessing officer to satisfy himself about the genuineness of the claim for exemption under section 11 of the Act and also whether
the Institution has complied with all the requirements prescribed by the statue. This Technical Guide deals with the audit of institutions prescribed under section 12A(1)(b)(ii). Such audit has been prescribed essentially to ensure compliance with the provisions of sections 11 to 13 of the Act

Under the aforesaid circumstances, we at the Direct Taxes Committee thought it fit to bring out this brief publication namely “Technical Guide on Audit of Charitable Institutions under Section 12A of the Income-tax Act, 1961” to provide guidance to members on audit of Public Charitable Institutions under the Income-tax Act, 1961. Of course, members are expected to update themselves continuously.

We are sincerely thankful to CA. (Dr.) Debashis Mitra, President, ICAI and CA. Aniket Sunil Talati, Vice-President, ICAI for being guiding force behind all initiatives being taken by the Committee.

We are pleased to place on record my sincere gratitude for the involvements and contributions by all the Committee members and our dear Council Colleagues of ICAI. We are sure that this effort of DTC of ICAI would go a long way in assisting our members in making utmost compliance of the new provisions.

Last but not the least, we appreciate the dedicated efforts of the DTC team for their technical and administrative assistance in bringing out this handbook in a limited time.

CA. (Dr.) Raj Chawla
Vice-Chairman
Direct Taxes Committee, ICAI

CA. Chandrashekhar V. Chitale
Chairman
Direct Taxes Committee, ICAI

Date: 20.09.2022
Place: New Delhi

Download Technical Guide on Audit of Charitable Institutions under Section 12A of Income-tax Act, 1961

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