Form 10B and Form 10BB

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).

Menu

Mandar Kesarkar

Aashok Kumar Sharma

Leave a Reply

Recent Topics :

Related Topics :