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Charitable trusts and institutions have been subject to reporting requirements that have transformed over the years. In October 2023, ICAI had issued a technical guide on reports of audit under Section 12A/10(23C) of the Income Tax Act, 1961 (the technical guide). Recently, ICAI issued an exposure draft on ‘Guidance Note on Reports on Audit under Section 12A/10(23C) of the Income-tax Act,1961’ taking the technical guide as base.

The draft guidance note aims to:

  • Better equip the practitioners in engaging with charitable institutions while conducting audit under section 12A and 10(23C) of the Income Tax Act, 1961 and
  • Provide guidance to those in charge of governance of charitable institutions for discharging their respective responsibilities towards audit of accounts

The comment period ends on 29 May 2024.

To access the text of the exposure draft, please click here

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