CBDT Further Extends Due Date for Filing Audit Report in Form 10B/10BB for AY 2023-24 to Nov 10, 2024
- Blog|News|Income Tax|
- 2 Min Read
- By Taxmann
- |
- Last Updated on 10 October, 2024
Latest from Taxmann
F. NO.173/ II S/2024-ITA-1, dated 07-10-2024
The income of charitable trusts or institutions registered under section 10(23C) or 12AA or 12AB of the Income-tax Act, 1961 is exempt from income-tax subject to fulfilment of various conditions. One such condition is getting its accounts audited and furnishing the audit report in the prescribed Form on or before the specified date. The prescribed forms are, namely, Form 10B and Form 10BB.
Previously, Form 10BB was to be used when the income was computed under section 10(23C), while Form 10B was used when the income was calculated under sections 11, 12, and 12A of the Act. However, from Assessment Year (AY) 2023-24 onwards, the rules for submitting these forms were modified, effective from 01-04-2024. Instead of being determined by the applicable tax regime (Section 10(23C) or Section 11/12A), the choice of form now depends on factors such as receipt and application of income by the trust or institution, including foreign contributions and application of income outside India.
Following these changes, the CBDT found that many trusts or institutions had mistakenly filed Form 10B where Form 10BB was required, and vice versa. Since non-furnishing of audit report in the prescribed form would result in denial of exemption, the CBDT vide Circular No. 02/2024, dated 05.03.2024 intially extended the due date for furnishing the audit report in correct form to 31st March 2024 if the trust or institution has already filed the audit report on or before 31st October to 2023.
Various representations were received that taxpayers could not file the audit report in the prescribed form for AY 2023-24. In order to provide relaxation to the taxpayers, the CBDT has further extended the due date for furnishing the audit reports in Form 10B/10BB from 31st March 2024 to 10th November, 2024.
Click Here To Read The Full Notification
Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.
Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.
The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:
- The statutory material is obtained only from the authorized and reliable sources
- All the latest developments in the judicial and legislative fields are covered
- Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
- Every content published by Taxmann is complete, accurate and lucid
- All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
- The golden rules of grammar, style and consistency are thoroughly followed
- Font and size that’s easy to read and remain consistent across all imprint and digital publications are applied
Sign Up
To subscribe to our weekly newsletter please log in/register on Taxmann.com
Latest Books
Everything on Tax and Corporate Laws of India
To subscribe to our weekly newsletter please log in/register on Taxmann.com
CA | CS | CMA
