Audit report of Trust

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For the AY 2023-24, trusts with gross receipts up to 5 crore need to determine the correct audit report. Form 10BB is generally required if the trust's total income (before specific deductions) is up to 5 crore, no foreign contributions were received, and no income was applied outside India during the previous year. Otherwise, Form 10B is likely the appropriate filing.

Subhash Jain

Subhash Jain (Querist)
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16 August 2023 Which Audit report to be filed for AY 2023-24 for trust having gross receipts up to 5 crore, 10B or 10BB ?

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Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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16 August 2023 Form 10BB is required if all of the following criteria are fulfilled:

The total income of the trust or institution [whether registered under 12AB or 10(23C)] without giving effect to the provisions of sections 11 and 12 or Section 10(23C) (iv), (v), (vi), (via) of the Act, is up to Rupees five Crore;
The trust or institution has not received any foreign contribution during the previous year;
The trust or institution has not applied any part of its income outside India during the previous year.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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10 September 2024 Good Luck.

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