Form10BB/10B to be Submit by Charitable Trust/Institution Now Changes
The Central Board of Direct Taxes has notified the Income-tax (3rd Amendment) Rules, 2023, to amend IT Rules 16CC/17B & Forms 10B/10BB amended which shall be effective as of 01/04/2023, vide Income Tax Notification 7/2023 Amended in 2023,
So there is Amendment in Income-tax (3rd Amendment) Rules, 2023, Rule 17B & Rules 16CC in relation to Charitable and Religious trusts and Institutions Audit report formats which is registered U/s 10(23C), this is increase scope of details that is needed to be reported By NGO in Form 10B & Form 10BB.
As a result, sections 10(23C) and 12A of the Income Tax Act, 1961 require charitable or religious trusts, institutions, universities, and other educational institutions to submit the audit report using the revised Forms 10B and 10BB.
Income tax Form 10B is a report of the audit of the accounts of a NGO i.e fund or any university institution or trust or any hospital or other educational institution or other medical institution which is needed to be Filed of 10th proviso U/s 10(23C) (b)
Income tax Form 10BB is a report of the audit of the accounts of a NGO i.e institution or trust which is needed to be filed under section 12A(1)(b)(ii)
To view and download the CBDT Income Tax Notification, click here Notification 7/2023 dt. 21/02/2023: