10 (23C)(iiiab)

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This discussion examines whether a government school, already approved under sections 12AA and 80G, can claim exemption under section 10(23C)(iiiab). The query highlights a complication: the school received an audit report in Form 10B, not the required Form 10BB for 10(23C) exemption. The consensus suggests that if the approval is under 12AA and registration is granted, only Form 10B can be filed, thus preventing the claim of 10(23C) exemption. It's also advised to apply for UDIN as per the Finance Bill.

RAKESH

RAKESH (Querist)

03 March 2020 Govt school approved under 12AA and 80G, can such school under ITR-7 claim 10(23C)(iiiab) exemption. Such School received Audit report under Form 10B instead of 10BB.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

09 March 2020 In my view approval is required U/s 10(23C) ( Required Form 10BB) and Registration is granted U/s 12AA. In this case, you can only file Form 10B and as such 10(23C) exemption can not be availed.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

09 March 2020 Please also apply for UDIN as prescribed under the Finance Bill

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