ICAI releases ED for issuing guidance note on audit of public charitable institutions u/s 12A

Last updated: 11 January 2023

Quick Summary
The Institute of Chartered Accountants of India (ICAI) has released an Exposure Draft for a Guidance Note concerning the audit of public charitable institutions, specifically those registered under section 12A of the Income-Tax Act, 1961. This draft is open for public comments, with suggestions and relevant case law welcome. Interested parties can submit their feedback via email by 25th January 2023.

Direct Taxes Committee
The Institute of Chartered Accountants of India

Sub: Exposure Draft for issuing Guidance Note on Audit of Public Charitable Institutions under section 12A of the Income-Tax Act, 1961 for Public Comments

ICAI Issues Draft Guidance for Charitable Institution Audits

The Exposure Draft for issuing 'Guidance Note on Audit of Public Charitable Institutions under section 12A of the Income-Tax Act, 1961', has been issued by the Direct Taxes Committee for comments. The Exposure Draft can be assessed here.

If you desire to supplement any point with any latest case law of any High Court or the Supreme Court or any other suggestions for improvement is welcome.

The comments on the above-mentioned Exposure Draft may be sent in the following format at dtc.suggestions@icai.in latest by 25th January, 2023.

Page no. Para no. Existing content Revised content Reasons for Change
         

FAQ :

The Exposure Draft has been issued by the Direct Taxes Committee of The Institute of Chartered Accountants of India (ICAI).

The Guidance Note is on the audit of public charitable institutions registered under section 12A of the Income-Tax Act, 1961.

No, it is an Exposure Draft, meaning it is a draft for public comments before finalisation.

Comments must be sent by 25th January 2023.

Comments should be sent via email to dtc.suggestions@icai.in in the specified format, including page number, paragraph number, existing content, revised content, and reasons for change.

Suggestions for improvement, including any latest case law from High Courts or the Supreme Court, are welcome.



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