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Filed Form 10B instead of 10BB

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This query is : Resolved

CAstudent (Querist)

13 March 2024 My client is registered under FCRA Act and has not received any income other than interest from foreign funds. Since, interest income is also treated as foreign contribution, audit report in Form 10B was filed for the A/Y 2023-24. But now, the institution has received a notice that Form 10B has been filed instead of 10BB.

Also, as per the new circular 2/24, CBDT has given a chance to rectify the form by 31st March, 2024, if filed vice-versa.
Kindly clarify if we need to file report in Form 10B or 10BB since there is no other income other than interest received on foreign funds.

Nikhil Kaushik

Nikhil Kaushik (Expert)

13 March 2024 in your case 10B only should be filed. please check if the FCRA disclosures have been correctly made. It is possible that your overall contributions are below 5 cr and FCRA disclosures are absent which may have led to this notice.

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