Categories: Others

Income tax Forms 10BB & 10B issued for NGO’s Audit

Income tax Forms 10BB & 10B issued for NGO’s Audit

The Central Board of Direct Taxes has made available the new Forms 10B and 10BB that charitable or religious trusts, organisations, universities, or other educational institutions must submit in compliance with Sections 10(23C) and 12A of the Income Tax Act.

Central Board of Direct Taxes would have announced the The income tax amendment (3rd Amendment) rules 2023 , which are set to take effect on April 1t, 2023.

New Income Tax Form for NGO:

  • New Income tax Forms 10B & Form 10BB for NGO have been issued by the Central Board of Direct Taxes.  These form to be submitted by charitable or religious trusts, institutions, universities, or other educational institutions U/s 10(23C) & 12A
  • The accounts of the NGO related income tax Audit Report would be in  income Tax e-filing 10B form, which is required to get submitted U/s 12A(1)(b)(ii).
  • Total income of the trust or institution, excluding that which is used to undertake out the provisions of Sections 11 and 12 of the Act, exceeds Rs 5 crore in the preceding year, or the trust or institution has received any foreign contributions in the past year, or the trust or institution has used any portion of its income outside of India in the preceding year.
  • New Income tax Form 10BB specified for the Income tax audit report for the case of the NGO trust/institution/any university/other educational institution/any hospital/ other medical institution that is Required to get submitted Under Section 10(23C(b) & trust or institution which is needed to get filed section 12A(1)(b)(ii) of the Income-tax Act, 1961.

As a result, Under sections 10(23C) & Section 12A of the Income Tax Act, 1961 compel by NGO like charitable or religious trusts, institutions, universities, and other educational institutions to file the Income tax audit report using the modified Forms 10B & 10BB.

 

Rajput Jain & Associates

Rajput Jain & Associates is a Chartered Accountants firm, with it's headquarter situated at New Delhi (the capital of India). The firm has been set up by a group of young, enthusiastic, highly skilled and motivated professionals who have taken experience from top consulting firms and are extensively experienced in their chosen fields has providing a wide array of Accounting, Auditing, Taxation, Assurance and Business advisory services to various clients and their stakeholders. Rajput jain & Associates, a professional firm, offers its clients a full range of services, To serve better and to bring bucket of services under one roof, the firm has merged with it various Chartered Accountancy firms pioneer in diversified fields. We have associates all over India in big cities. All our offices are well equipped with latest technological support with updated reference materials. We have a large team of professionals other than our Core Team members to meet the requirements of our prospective clients including the existing ones. However, considering our commitment towards high quality services to our clients, our team keeps on growing with more and more associates having strong professional background with good exposure in the related areas of responsibility.

Recent Posts

Loan Against Shares Interest Rates Explained: Investors Know

Loan Against Shares Interest Rates Explained: What Investors Should Know In India’s dynamic financial market, investors often look for flexible… Read More

1 week ago

Why and How to Avoid Useless Expenses this Diwali

Why and How to Avoid Useless Expenses This Diwali – A Nature Lover’s Perspective  October 2025 Diwali, the festival of… Read More

1 week ago

How to manage repayment effectively personal loan of 3 lakhs

How to manage repayments effectively on a personal loan of three lakhs Taking a Rs. 3 lakh personal loan can… Read More

1 week ago

Procedure of Member’s Voluntary Winding Up under Co Act 1956

Procedure of Member’s Voluntary Winding Up under the Companies Act, 1956 A Members’ Voluntary Winding Up is a mode of… Read More

1 week ago

Financial Transactions That Can Trigger Income Tax Scrutiny

Top 10 Financial Transactions That Can Trigger Income Tax Scrutiny : The Income Tax Department keeps a close watch on… Read More

2 weeks ago

Overview of the Internal Audit Iceberg Concept

Overview of the Internal Audit Iceberg Concept Apache Iceberg introduces a powerful feature called Integrated Audits, which allows organizations to… Read More

2 weeks ago
Call Us Enquire Now