Regarding Applicability of New Form 10B & 10BB for A.Y. 2023-24
This query is : Resolved
14 December 2023
I have filed IT return of Education Institution u/s 10(23)(C)(iiiad) for A.Y. 2023-24 as the receipt of such institution is less then the 5Cr.
My concern is that whether i have to file audit report form 10BB for claiming exemption u/s 10(23)(C)(iiiad) because as per new amended rules 16CC and 17B, 10BB is required to file by those institution whose receipt are not more then 5 Cr.
Please guide
My concern is that whether i have to file audit report form 10BB for claiming exemption u/s 10(23)(C)(iiiad) because as per new amended rules 16CC and 17B, 10BB is required to file by those institution whose receipt are not more then 5 Cr.
Please guide
17 January 2024
From A.Y. 2023-24 onwards, re-notified Form 10B shall be applicable where any of the below mentioned conditions are satisfied-
The total income of auditee, without giving effect to the provisions of below mentioned clauses/sections, as applicable-
sub-clauses (iv), (v), (vi) and (via) of clause 23C of section 10
sections 11 and 12 of the Act,
exceeds rupees five crores during the previous year
Auditee has received any foreign contribution during the previous year
Auditee has applied any part of its income outside India during the previous year.
For more details, Rule 16CC and Rule 17B of Income tax Rules, 1962 may be referred.
https://www.incometax.gov.in/iec/foportal/help/all-topics/statutory-forms/popular-form/form-10B-faq#:~:text=2023%2D24%20onwards%3F-,Resolution%3A,Rule%2016CC%20and%20Rule%2017B.
The total income of auditee, without giving effect to the provisions of below mentioned clauses/sections, as applicable-
sub-clauses (iv), (v), (vi) and (via) of clause 23C of section 10
sections 11 and 12 of the Act,
exceeds rupees five crores during the previous year
Auditee has received any foreign contribution during the previous year
Auditee has applied any part of its income outside India during the previous year.
For more details, Rule 16CC and Rule 17B of Income tax Rules, 1962 may be referred.
https://www.incometax.gov.in/iec/foportal/help/all-topics/statutory-forms/popular-form/form-10B-faq#:~:text=2023%2D24%20onwards%3F-,Resolution%3A,Rule%2016CC%20and%20Rule%2017B.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CG Tax On residential property
- Post Office RD Interest
- Applicable TDS for Purchase of Flat from NRI
- Eway bill for machinery reparing
- Building and other construction workers welfare cess act 1996
- Bank Accounts in Balance Sheet for ITR 3
- ITR 3 FILING OF AN INDIVIDUAL (PARTNER IN A PARTNERSHIP fIRM)
- Gift of mutual fund units to daughter
- TDS ON CASH WITHDRAWALS...
- NRI ITR2 account in 2025-26 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,.
- Pan Card apply for Self help group
- Reporting of STCG on Property in ITR
- Error while filling exam form November 2026
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
