{"id":284873,"date":"2023-02-23T11:30:49","date_gmt":"2023-02-23T06:00:49","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=284873"},"modified":"2023-02-24T17:19:12","modified_gmt":"2023-02-24T11:49:12","slug":"ministry-of-finance-notified-income-tax-3rdamendment-rules-to-amend-income-tax-rules-legal-research-legal-update-legal-news","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2023\/02\/23\/ministry-of-finance-notified-income-tax-3rdamendment-rules-to-amend-income-tax-rules-legal-research-legal-update-legal-news\/","title":{"rendered":"CBDT revises Form No. 10B &amp; Form No. 10BB vide Income-tax (3rd Amendment) Rules, 2023"},"content":{"rendered":"<div style=\"text-align: justify; line-height: 150%;\">\n<p style=\"margin-bottom: 3%;\">On 21-2-2023, the Ministry of Finance notified the Income-tax (3<span style=\"vertical-align: super;\">rd<\/span> Amendment) Rules, 2023 to amend the Income-tax Rules, 1962. The provisions will come into force on 1-4-2023.<\/p>\n<p><b>Key Points:<\/b><\/p>\n<ol>\n<li><span style=\"font-weight: bold;\">Form No. 10B<\/span> and <span style=\"font-weight: bold;\">Form No. 10BB<\/span> have been revised.<\/li>\n<li>\n<p style=\"margin-bottom: 3%;\">The following sections have been revised:<\/p>\n<\/li>\n<\/ol>\n<table style=\"border-collapse: collapse; margin-left: 0.09mm; margin-right: auto; table-layout: fixed; width: 200.11mm; margin-bottom: 3%; border-width: 0.5pt; border-style: solid;\">\n<colgroup>\n<col width=\"39\" \/>\n<col width=\"122\" \/>\n<col width=\"218\" \/>\n<col width=\"245\" \/> <\/colgroup>\n<tbody>\n<tr>\n<td style=\"vertical-align: top; width: 10.32mm; border-width: 0.5pt; border-style: solid; padding: 0.0mm 1.91mm 0.0mm 1.91mm;\" colspan=\"1\" rowspan=\"\" valign=\"top\">\n<p style=\"line-height: normal; font-weight: bold; font-family: Times New Roman; font-size: 12.0pt;\">S. No.<\/p>\n<\/td>\n<td style=\"vertical-align: top; width: 32.28mm; border-width: 0.5pt; border-style: solid; padding: 0.0mm 1.91mm 0.0mm 1.91mm;\" colspan=\"1\" rowspan=\"\" valign=\"top\">\n<p style=\"line-height: normal; font-weight: bold; font-family: Times New Roman; font-size: 12.0pt;\">Regulation<\/p>\n<\/td>\n<td style=\"vertical-align: top; width: 57.68mm; border-width: 0.5pt; border-style: solid; padding: 0.0mm 1.91mm 0.0mm 1.91mm;\" colspan=\"1\" rowspan=\"\" valign=\"top\">\n<p style=\"line-height: normal; font-weight: bold; font-family: Times New Roman; font-size: 12.0pt;\">Earlier<\/p>\n<\/td>\n<td style=\"vertical-align: top; width: 64.83mm; border-width: 0.5pt; border-style: solid; padding: 0.0mm 1.91mm 0.0mm 1.91mm;\" colspan=\"1\" rowspan=\"\" valign=\"top\">\n<p style=\"line-height: normal; font-weight: bold; font-family: Times New Roman; font-size: 12.0pt;\">Now<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top; width: 10.32mm; border-width: 0.5pt; border-style: solid; padding: 0.0mm 1.91mm 0.0mm 1.91mm;\" colspan=\"1\" rowspan=\"\" valign=\"top\">\n<p style=\"line-height: normal; font-family: Times New Roman; font-size: 12.0pt;\">1<\/p>\n<\/td>\n<td style=\"vertical-align: top; width: 32.28mm; border-width: 0.5pt; border-style: solid; padding: 0.0mm 1.91mm 0.0mm 1.91mm;\" colspan=\"1\" rowspan=\"\" valign=\"top\">\n<p style=\"line-height: normal; font-weight: bold; font-family: Times New Roman; font-size: 12.0pt;\">16CC- Form of report of audit prescribed under tenth proviso to section 10(23C)<\/p>\n<\/td>\n<td style=\"vertical-align: top; width: 57.68mm; border-width: 0.5pt; border-style: solid; padding: 0.0mm 1.91mm 0.0mm 1.91mm;\" colspan=\"1\" rowspan=\"\" valign=\"top\">\n<p style=\"line-height: normal; font-family: Times New Roman; font-size: 12.0pt;\">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 <span style=\"font-weight: bold;\">Form No. 10BB.<\/span><\/p>\n<\/td>\n<td style=\"vertical-align: top; width: 64.83mm; border-width: 0.5pt; border-style: solid; padding: 0.0mm 1.91mm 0.0mm 1.91mm;\" colspan=\"1\" rowspan=\"\" valign=\"top\">\n<p style=\"line-height: normal; font-family: Times New Roman; font-size: 12.0pt;\">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:<\/p>\n<ol>\n<li type=\"A\"><span style=\"font-weight: bold;\">Form No. 10B<\/span>:\n<ol>\n<li type=\"1\">where the total income exceeds 5 crores during the previous year.<\/li>\n<li type=\"1\">where any foreign contributions have been received during the previous year.<\/li>\n<li type=\"1\">where the above mentioned have applied any part of its income outside India during the previous year.<\/li>\n<\/ol>\n<\/li>\n<li type=\"A\"><span style=\"font-weight: bold;\">Form No. 10BB-<\/span> in any other cases<\/li>\n<\/ol>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top; width: 10.32mm; border-width: 0.5pt; border-style: solid; padding: 0.0mm 1.91mm 0.0mm 1.91mm;\" colspan=\"1\" rowspan=\"\" valign=\"top\">\n<p style=\"line-height: normal; font-family: Times New Roman; font-size: 12.0pt;\">2<\/p>\n<\/td>\n<td style=\"vertical-align: top; width: 32.28mm; border-width: 0.5pt; border-style: solid; padding: 0.0mm 1.91mm 0.0mm 1.91mm;\" colspan=\"1\" rowspan=\"\" valign=\"top\">\n<p style=\"line-height: normal; font-weight: bold; font-family: Times New Roman; font-size: 12.0pt;\">17B- Audit report in the case of charitable or religious trusts, etc.<\/p>\n<\/td>\n<td style=\"vertical-align: top; width: 57.68mm; border-width: 0.5pt; border-style: solid; padding: 0.0mm 1.91mm 0.0mm 1.91mm;\" colspan=\"1\" rowspan=\"\" valign=\"top\">\n<p style=\"line-height: normal; font-family: Times New Roman; font-size: 12.0pt;\">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.<\/p>\n<\/td>\n<td style=\"vertical-align: top; width: 64.83mm; border-width: 0.5pt; border-style: solid; padding: 0.0mm 1.91mm 0.0mm 1.91mm;\" colspan=\"1\" rowspan=\"\" valign=\"top\">\n<p style=\"line-height: normal; font-family: Times New Roman; font-size: 12.0pt;\">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:<\/p>\n<ol>\n<li type=\"A\">\n<p style=\"font-weight: bold;\">Form No. 10BB:<\/p>\n<ol>\n<li type=\"1\">where the total income exceeds 5 crores during the previous year.<\/li>\n<li type=\"1\">where any foreign contributions have been received during the previous year.<\/li>\n<li type=\"1\">where the above mentioned have applied any part of its income outside India during the previous year.<\/li>\n<\/ol>\n<\/li>\n<li type=\"A\"><span style=\"font-weight: bold;\">Form No. 10BB-<\/span> in any other cases<\/li>\n<\/ol>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p style=\"text-indent: 18pt;\"><strong><span style=\"color: #000080;\">*Kriti Kumar, Editorial Assistant has reported this brief.<\/span><\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>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 <\/p>\n","protected":false},"author":67515,"featured_media":284863,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,15],"tags":[55493,55494,2736,47100,16442,55492],"class_list":["post-284873","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-rules_regulations","tag-10b","tag-10bb","tag-Amendment","tag-forms","tag-income-tax-rules","tag-revised"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>CBDT revises Form No. 10B &amp; Form No. 10BB vide Income-tax (3rd Amendment) Rules, 2023 | SCC Times<\/title>\n<meta name=\"description\" content=\"On 21-2-2023, the Ministry of Finance notified the Income-tax (3rd Amendment) Rules, 2023 to amend the Income-tax Rules\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2023\/02\/23\/ministry-of-finance-notified-income-tax-3rdamendment-rules-to-amend-income-tax-rules-legal-research-legal-update-legal-news\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBDT revises Form No. 10B &amp; 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