audit report us 12A charitable institutions.
For AY 2020-21 Audit report not filed but Income Tax Return filed is this possible ??
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Form 10B not filed But Return is filed
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| This is a serious compliance issue since Form 10B is a prerequisite for trusts claiming exemption under Section 11/12. Here is the path forward: 1. Impact of Not Filing Form 10B Before ITR-7: Section 12A(1)(b) and the IT Rules require that the audit report (Form 10B) must be furnished before the due date of filing the return. If Form 10B is not filed before ITR-7, the exemption under Section 11/12 may be denied during scrutiny. 2. Immediate Action — File Form 10B Now: - Even though ITR-7 is filed, file Form 10B immediately on the IT portal from the CA's login. The portal allows filing Form 10B independently of ITR-7. - Once the CA files Form 10B, the assessee accepts it on their login. 3. File Revised ITR-7: After Form 10B is accepted, file a revised ITR-7 (if within the revision deadline — typically before 31st December of the assessment year) linking the Form 10B to the return. This establishes the audit report on record. 4. If Revision Deadline Has Passed: File a condonation of delay application under Section 119(2)(b) to the PCIT/CIT explaining the bona fide reason for the delay in filing Form 10B. Courts and CBIC have in several cases allowed exemption where audit report was filed belatedly with genuine reason. 5. Do Not Ignore: A notice under scrutiny (Section 143(2)) will specifically check for Form 10B — non-filing is a direct ground for denial of Section 11 exemption. Act immediately. |
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