December 19, 2023: Karnataka Real Estate Regulatory Authority (K RERA), in an order has fixed the final deadline for submission of annual audit report as December 31, 2023. This is for submission of annual audit report vide T.O circular number RERA/ accounts/129/2021-22 dated October 20, 2023.
This is with respect to the third provision to section 4(2) (l)(D) under which a promoter has to get his accounts audited within six months after the end of every financial year by a chartered accountant. This shall then be verified whether the amount used has been for that particular project or not.
Note that under section 25 and 37, K RERA has notified the new format of Form 7, which promoters are advised to obtain for 2021-22 and subsequent years. The new form 7 has to be submitted in a separate online module. Promoters should select annual audit login under the registration tab and submit the new form-7 and the supporting details and documents.
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