{"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 & Form No. 10BB vide Income-tax (3rd Amendment) Rules, 2023"},"content":{"rendered":"
\n

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

Key Points:<\/b><\/p>\n

    \n
  1. Form No. 10B<\/span> and Form No. 10BB<\/span> have been revised.<\/li>\n
  2. \n

    The following sections have been revised:<\/p>\n<\/li>\n<\/ol>\n\n\n\n\n\n<\/colgroup>\n\n\n\n\n
    \n

    S. No.<\/p>\n<\/td>\n

    		\n

    Regulation<\/p>\n<\/td>\n

    		\n

    Earlier<\/p>\n<\/td>\n

    		\n

    Now<\/p>\n<\/td>\n<\/tr>\n

    \n

    1<\/p>\n<\/td>\n

    		\n

    16CC- Form of report of audit prescribed under tenth proviso to section 10(23C)<\/p>\n<\/td>\n

    		\n

    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.<\/span><\/p>\n<\/td>\n

    		\n

    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

      \n
    1. Form No. 10B<\/span>:\n
        \n
      1. where the total income exceeds 5 crores during the previous year.<\/li>\n
      2. where any foreign contributions have been received during the previous year.<\/li>\n
      3. where the above mentioned have applied any part of its income outside India during the previous year.<\/li>\n<\/ol>\n<\/li>\n
      4. Form No. 10BB-<\/span> in any other cases<\/li>\n<\/ol>\n<\/td>\n<\/tr>\n
    \n

    2<\/p>\n<\/td>\n

    		\n

    17B- Audit report in the case of charitable or religious trusts, etc.<\/p>\n<\/td>\n

    		\n

    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

    		\n

    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

      \n
    1. \n

      Form No. 10BB:<\/p>\n

        \n
      1. where the total income exceeds 5 crores during the previous year.<\/li>\n
      2. where any foreign contributions have been received during the previous year.<\/li>\n
      3. where the above mentioned have applied any part of its income outside India during the previous year.<\/li>\n<\/ol>\n<\/li>\n
      4. Form No. 10BB-<\/span> in any other cases<\/li>\n<\/ol>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

        *Kriti Kumar, Editorial Assistant has reported this brief.<\/span><\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

        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":"\nCBDT revises Form No. 10B & 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 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Form ITR-7 relating to filing of Income Tax Return for the persons including companies required to furnish return under sections 139(4A)\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/12\/MicrosoftTeams-image-15-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":270380,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/07\/20\/income-tax-twin-condition-section-10b-furnishing-declaration-within-time-limit-mandatory-exemption-relief-to-newly-established-hundred-persent-export-oriented-undertakings-supreme-court-legal-research\/","url_meta":{"origin":284873,"position":2},"title":"Twin conditions of furnishing declaration within time limit “mandatory” for exemption relief under Section 10B (8) of IT Act: Supreme Court\u00a0","author":"Prachi Bhardwaj","date":"July 20, 2022","format":false,"excerpt":"Karnataka High Court and ITAT committed a \"grave error\" in holding that the requirement of furnishing a declaration under Section 10B (8) of the Income Tax Act, 1961 (IT Act) is mandatory, but the time limit within which the declaration is to be filed is not mandatory but is directory.","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/07\/Twin-conditions-of-furnishing-declaration-within-time-limit-mandatory-for-exemption-relief-under-Section-10B-8-of-Income-Tax-Act.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/07\/Twin-conditions-of-furnishing-declaration-within-time-limit-mandatory-for-exemption-relief-under-Section-10B-8-of-Income-Tax-Act.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/07\/Twin-conditions-of-furnishing-declaration-within-time-limit-mandatory-for-exemption-relief-under-Section-10B-8-of-Income-Tax-Act.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/07\/Twin-conditions-of-furnishing-declaration-within-time-limit-mandatory-for-exemption-relief-under-Section-10B-8-of-Income-Tax-Act.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/07\/Twin-conditions-of-furnishing-declaration-within-time-limit-mandatory-for-exemption-relief-under-Section-10B-8-of-Income-Tax-Act.png?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":283883,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/02\/14\/ministry-of-finance-notified-income-tax-first-amendment-rules-2023-to-amend-income-tax-rules-legal-research-legal-update-legal-news\/","url_meta":{"origin":284873,"position":3},"title":"CBDT revises Income-tax Return Forms vide Income-tax (First Amendment) Rules, 2023","author":"Editor","date":"February 14, 2023","format":false,"excerpt":"On 10-2-2023, the Ministry of Finance notified the Income-tax (First Amendment) Rules, 2023 to amend the Income-tax Rules, 1962 (\u2018IT Rules'). The provisions will come into effect on 1-4-2023. Key Points: The following Forms in Appendix- II for filing Income Tax Return have been revised: Sahaj (ITR-1) relating to individuals\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/12\/MicrosoftTeams-image-15-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":265019,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/04\/05\/cbdt-notifies-form-itr-7-for-financial-year-2022-23-vide-income-tax-5th-amendment-rules-2022\/","url_meta":{"origin":284873,"position":4},"title":"CBDT notifies Form ITR-7 for financial year 2022-23 vide Income-tax (5th Amendment) Rules, 2022","author":"Bhumika Indulia","date":"April 5, 2022","format":false,"excerpt":"The Central Board of Direct Taxes vide notification dated 1st April, 2022 has issued the Income-tax (5th Amendment) Rules, 2022 effective April 01, 2022. The amendment has substituted Form ITR-7 with the new one. \u00a0 Form ITR-7 deals with the Return under section 139(4A) of Income Tax Act required to\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"CBDT","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-159-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-159-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-159-1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-159-1.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-159-1.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":294534,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/06\/14\/cbdt-revises-forms-relating-advance-rulings-legal-news\/","url_meta":{"origin":284873,"position":5},"title":"CBDT revises Forms relating to Advance Ruling under Section 245 Q (1) of Income-tax Act, 1961","author":"Kriti","date":"June 14, 2023","format":false,"excerpt":"On 12-6-2023, the Ministry of Finance issued the Income-tax (Ninth Amendment) Rules, 2023 to amend the Income-tax Rules, 1962 (\u2018IT Rules\u2019). The provisions came into effect on 12-6-2023. Key Points: Rule 44-E relates to Application for obtaining an advance ruling under which sub-rule (2) has been revised. Earlier, the application,\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"ministry of finance","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/ministry-of-finance.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/ministry-of-finance.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/ministry-of-finance.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/ministry-of-finance.webp?resize=700%2C400&ssl=1 2x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/284873","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/67515"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=284873"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/284873\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/284863"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=284873"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=284873"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=284873"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}