CBDT revises Form No. 10B & Form No. 10BB vide Income-tax (3rd Amendment) Rules, 2023

Kriti

1 year ago

On 21-2-2023, the Ministry of Finance notified the Income-tax (3rd Amendment) Rules, 2023 to amend the Income-tax Rules, 1962. The provisions will come into force on 1-4-2023.

Key Points:

Form No. 10B and Form No. 10BB have been revised.
The following sections have been revised:

S. No.

Regulation

Earlier

Now

16CC- Form of report of audit prescribed under tenth proviso to section 10(23C)

The report of audit of the accounts of a fund/ trust/ institution/ university/ other educational institution/ any hospital/ medical institution which is required to be furnished under Section 10 clause (23C) 10th proviso will be in Form No. 10BB.

The report of the audit of the same which is required to be furnished under Section 10 clause (23C) 10th proviso to clause (23C) of section 10 will be in:

Form No. 10B:
1. where the total income exceeds 5 crores during the previous year.
2. where any foreign contributions have been received during the previous year.
3. where the above mentioned have applied any part of its income outside India during the previous year.
Form No. 10BB- in any other cases

17B- Audit report in the case of charitable or religious trusts, etc.

The report of the audit of the accounts of a trust or institution which is required to be furnished under Section 12A clause (b) will be in Form No. 10B.

The report of audit of the accounts of a trust or institution which is required to be furnished under Section 12 A sub-section (1) clause (b) sub-clause (ii) will be in:

Form No. 10BB:
1. where the total income exceeds 5 crores during the previous year.
2. where any foreign contributions have been received during the previous year.
3. where the above mentioned have applied any part of its income outside India during the previous year.
Form No. 10BB- in any other cases

*Kriti Kumar, Editorial Assistant has reported this brief.