Rule 47: Form 26 tax audit report and revision
Rule 47 prescribes the section 63 tax-audit report in Form No. 26. It distinguishes persons audited under another law from other persons and permits a revised report in the stated later-payment situation.
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Bare law
Rule 47 - Report of audit of accounts to be furnished under section 63
(1) The report of audit of the accounts of a person required to be furnished under section 63 shall,— (a) in the case of a person who carries on business or profession and who is required by or under any law other than the Act to get his accounts audited, be in Part A of Form No. 26; (b) in the case of a person who carries on business or profession, but not being a person referred to in clause (a), shall be in Part B of Form No. 26.
(2) The particulars required to be furnished under section 63 shall also be in Part C and D of Form No. 26.
(3) The report of audit furnished under this rule may be revised by the person by obtaining a revised report of audit from an accountant as defined in section 515(3)(b), duly signed and verified by such accountant, and shall furnish it before the end of the relevant financial year succeeding the tax year for which the report pertains, if there is payment by such person after furnishing of the report under sub-rules (1) and (2) which necessitates recalculation of the disallowance under section 35 or section 37.
Rule breakdown
Confirm whether section 63 requires the audit
The obligation to furnish a tax-audit report comes from section 63. Rule 47 supplies the prescribed report format once that obligation applies.
Check the taxpayer’s business or profession and the current statutory conditions; the form rule alone does not determine whether every taxpayer needs a tax audit.
Choose Part A or Part B of Form 26
For a business or profession whose accounts must be audited under a law other than the Income-tax Act, the report is in Part A. For a business or profession outside that category, it is in Part B.
Base the choice on the other-law audit requirement. Do not assume that any voluntary audit places the taxpayer in the Part A category.
Complete the additional particulars
The particulars required under section 63 must also be furnished in Parts C and D of Form No. 26. The reporting-part choice does not remove this additional requirement.
Reconcile the report, particulars, accounts and return computation and retain the signed report and filing acknowledgment.
Use the conditional revision route correctly
The report may be revised where payment after furnishing the original report necessitates recalculation of a disallowance under section 35 or section 37. Obtain a revised report signed and verified by an accountant within the stated statutory definition.
Furnish the revised report before the end of the relevant financial year succeeding the tax year to which the report relates. This specific route should not be presented as an unrestricted permission to revise for any reason at any time.
Document why a revision is needed
Keep the original report, later payment evidence, recalculation of the affected disallowance and the revised signed report together. Check the filing system’s current official procedure.
The revised audit report and any required correction to another filing are separate procedural questions; revising the report does not automatically prove that every other filing is corrected.
Key takeaways
Form 26
Part A or B depends on the other-law audit requirement.
Additional particulars
Parts C and D are also prescribed.
Specific revision condition
The route concerns later payment affecting section 35 or 37 disallowance.
Practical checklist
- Confirm section 63 applicability and the correct reporting part.
- Complete and reconcile Parts C and D.
- Keep the payment and disallowance evidence for any revision.
Avoid
- Do not classify a voluntary audit as a mandatory other-law audit without checking.
- Do not treat the revision provision as open-ended.
FAQs
Does an audit under another law remove the Form 26 requirement?
No. Where section 63 applies, Rule 47 specifies Part A for that category and also requires the prescribed particulars.
Are Parts C and D optional if Part A is completed?
No. Sub-rule (2) also prescribes those parts for the particulars under section 63.
Does the rule allow revision for any reason?
Sub-rule (3) describes a specific later-payment circumstance affecting disallowance under section 35 or section 37, with a revised accountant-signed report and the stated deadline.
Glossary
- Form 26
- The report and particulars form prescribed for section 63 by Rule 47.
- Revised audit report
- The accountant-signed and verified report obtained for the conditional revision under sub-rule (3).