Rule 47 — Report of audit of accounts to be furnished under section 63. Made under s.63, s.35, s.37 of the Income-tax Act, 2025.
Rule 47 gives effect to Section 63, Section 35 and Section 37 of the Income-tax Act, 2025. A rule cannot go beyond the section it serves: where the two seem to differ, the section governs.
Sub-rule (1) splits the audit report required under section 63 into two cases. Where the person carrying on business or profession is required by or under any law other than the Act to get his accounts audited, the report is to be in Part A of Form No. 26. Where the person carries on business or profession but is not such a person, the report is to be in Part B of Form No. 26.
Sub-rule (2) places the particulars required to be furnished under section 63 in Parts C and D of Form No. 26.
Sub-rule (3) allows the report to be revised. The person may obtain a revised report of audit from an accountant as defined in section 515(3)(b), duly signed and verified by that accountant, and shall furnish it before the end of the relevant financial year succeeding the tax year to which the report pertains. The revision route is available where there is payment by the person after the report has been furnished under sub-rules (1) and (2) which necessitates recalculation of the disallowance under section 35 or section 37.
Section 63 requires the audit report and the particulars to be furnished in the prescribed form but does not prescribe it. This rule does, and does one more thing the section does not: it recognises that a payment made after the report is filed can change a disallowance under section 35 or section 37, and gives a revision window for that, rather than leaving the assessee with a report that has become wrong through a later event.
| What | Figure | The condition on it | Where |
|---|---|---|---|
| Outer date for furnishing a revised report of audit | Before the end of the relevant financial year succeeding the tax year for which the report pertains | Only where a payment after the original report necessitates recalculation of the disallowance under section 35 or section 37 | Sub-rule (3) |
Which Part of Form No. 26 you use is settled by the existence of an audit obligation under another law, not by the size of the business or by choice; Parts C and D carry the particulars in either case, so the form is never complete with the report Part alone. The revision in sub-rule (3) is narrow: it is triggered by a payment made after the report was furnished which necessitates recalculating the disallowance under section 35 or section 37, and it is not a general licence to correct a report for any other reason. The revised report must itself come from an accountant as defined in section 515(3)(b), signed and verified, and must be furnished before the end of the financial year succeeding the tax year the report pertains to.
A firm files its Form No. 26 for a tax year with a disallowance under section 37 for an amount that remained unpaid at the year end. It pays that amount in the following financial year in circumstances that require the disallowance to be recalculated. It may obtain a revised report from an accountant and furnish it before the end of that succeeding financial year; a revision sought after that date, or sought for a reason other than such a payment, is outside sub-rule (3).
A reader meets it every year in the audit report the accountant uploads before the specified date under section 63, and again if a later payment forces a revised Form No. 26.
The particulars required to be furnished under section 63 shall also be in Part C and D of Form No. 26.
shall furnish it before the end of the relevant financial year succeeding the tax year for which the report pertains