Income Tax Act 2025: Section 348 for Tax Year 2025-26

Section 348 of the Income Tax Act 2025 mandates audit for non-profits if income exceeds the tax-free limit, requiring a verified audit report in the prescribed form.

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Audit

[As per the Income Tax Act, 2025 (this Act) w.e.f. 1st April, 2026.]

Where the total income of a registered non-profit organisation, without giving effect to the provisions of this Part, exceeds the maximum amount which is not chargeable to income-tax in any tax year, the accounts of such registered non-profit organisation for that tax year shall be audited by an accountant and the person in receipt of the income shall be required to furnish a report of an audit of such income by such date in the prescribed form, duly signed and verified by such accountant and setting forth such particulars, as prescribed.


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