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.