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Form 10B and Form 10BB
Who are liable to file 10B and/or 10BB??
Replies (1)
| Form 10B and Form 10BB are both audit report forms for charitable/religious entities, distinguished as follows after the CBDT notification (effective from AY 2023-24): 1. Form 10B — Applicable to: - Trusts/institutions registered under Section 12AB whose total income (before exemption under Section 11/12) exceeds Rs. 5 crore in the relevant year, OR - Trusts/institutions that have received foreign contribution (FCRA registered) during the year, OR - Trusts/institutions that have applied income outside India during the year - In other words: Large trusts (income > Rs. 5 crore) or those with foreign connections file Form 10B 2. Form 10BB — Applicable to: - Funds/institutions approved under Section 10(23C) (educational institutions, hospitals etc. under sub-clauses iv, v, vi, via), AND - Also applies to smaller trusts registered under Section 12AB with total income BELOW Rs. 5 crore and without foreign contribution or income applied outside India - In other words: Section 10(23C) entities + smaller Section 12AB trusts file Form 10BB 3. Key Change from AY 2023-24: CBDT Notification 7/2023 revised the format and applicability. Earlier (up to AY 2022-23), Form 10B was for ALL Section 12A/12AB trusts and Form 10BB was for Section 10(23C) entities. The new rule bifurcates based on income threshold and foreign activity. 4. Who Files: The CA (auditor) files the form from their IT portal login. The assessee (trust) then accepts it before filing ITR-7. 5. Due Date: Both forms must be filed before the ITR-7 due date (31st October / 30th November as applicable). |
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