CBDT amends rules and Form No. 10B of audit report of charitable trust/Institution. Income-tax Amendment (3rd Amendment) Rules, 2023
Under Rule 17B of the Income Tax Rules 1962, audit report of the accounts of a charitable trust or institution registered under section 12A is to be filed in Form No. 10B.
The CBDT vide Notification No. 07/2023 dated 21st February 2023 has amended the said Rule 17B and Form No. 10B,
The amended rules 17B provide that in the case of charitable or religious trusts, etc. the audit report shall be in:
(a) Form No. 10B where
(i) the total income of such trust or institution, without giving effect to the provisions of sections 11 and 12 of the Act, exceeds rupees five crores during the previous year; or
(ii) such trust or institution has received any foreign contribution during the previous year; or
(iii) such trust or institution has applied any part of its income outside India during the previous year;
(b) Form No. 10BB in other cases.
The Form 10B has also been amended to include observations and qualifications of the auditor. Also, the Form No. 10B has been amended completely and made more comprehensive by incorporating several information / disclosures which were not in the existing Form No. 10B.
Download CBDT Notification Click Here >>
- Object of assessment proceedings is not to find empirically correct solution on every fact issue – HC
- Penalty u/s 270A deleted as assessee filed revised computation during scrutiny
- Penalty u/s 271B for unfilled column 40 in Tax Audit Report Form 3CD deleted by ITAT
- Merely ex-parte rectifying computation without amending assessment order not make it nullity- ITAT
- Once assessee discharges primary onus, it shifts to AO to bring evidence to contrary – ITAT
