RULE 66 INCOME-TAX RULES 2026
RULE 66 INCOME-TAX RULES 2026
Furnishing of audit report for claiming deduction under section 46 or 138 or 139 or 140 or 141 or 142 or 143 or 144.
66. (1) For the purposes of claiming deduction under sections 46 or 138 or 139 or 140 or 141 or 142 or 143 or 144, the accounts of the eligible business for the tax year for which the deduction is claimed shall be audited by an accountant as defined in section 515(3)(b), before the specified date referred to in section 63 and the assessee shall furnish by that date the report of such audit duly signed and verified by such accountant.
(2) The report of the audit of the accounts of an assessee, which is required to be furnished under sub-rule (1), shall be in Form No. 32.
(3) A separate report shall be furnished by each undertaking or enterprise of the assessee claiming deduction under section 46 or 138 or 139 or 140 or 141 or 142 or 143 or 144 and shall be accompanied by the profit and loss account and balance sheet of the undertaking or enterprise as if the undertaking or the enterprise were a distinct entity.
(4) The said Form No. 32 shall be accompanied by the relevant documents as given in column D wherever applicable, as per the relevant sections in column B and the relevant part as mentioned in column C shall be filled, as specified in the following table, duly certified wherever applicable:
TABLE
| Sl. No | Section | Relevant Part of Form | Relevant documents to be attached |
| A | B | C | D |
| 1. | 46 | B1 | Copy of the agreement entered into with the Central Government, State Government or a local authority. |
| 2. | 138 | B2 | Copy of Form No. 10CCB of the Income-tax Rules, 1962 made under the Income-tax Act, 1961, as it existed prior to its repeal of developer. |
| 3. | 139 | B3 | Copy of the notification of the Special Economic Zone (SEZ). |
| 4. | 140 | B4 | Copy of certificate issued by the Inter-Ministerial Board of Certification. |
| 5. | 141 | B5 | Copy of approval certificate and completion certificate of the Housing Project, Copy of the notification of the scheme by the Board. |
| 6. | 142 | B6 | Copy of approval certificate and completion certificate of the Housing Project. |
| 7. | 142 | B6 | Copy of notification issued under section 80-IBA of the Income-tax Act, 1961, as it existed prior to its repeal in the case of a Rental Housing Project. |
| 8. | 143 | B7 | Copy of the agreement entered into with the Central Government, State Government or a local authority. |
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