Section 23 of IIT Act, 1961 : Section 23: Accounts And Audit
IIT Act, 1961
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Explanation using Example
Imagine an Indian Institute of Technology (IIT) where the finance department is preparing the annual financial statements, including the balance sheet. As per Section 23(1) of The Institutes of Technology Act, 1961, they ensure that the format complies with the guidelines provided by the Central Government and the Comptroller and Auditor-General of India (CAG).
In accordance with Section 23(2), once the accounts are prepared, they are su...
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