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Late submission of Form 10BB

R K (9 Points)

12 December 2024

Good day.. We have a religious institute and we delayed in submitting form 10BB for the year 23-24. What is the permissible delay if any

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Rama chary Rachakonda (Master in Accounts & high court Advocate) (8462 Points)
Replied 13 December 2024

Form 10BB Form 10BB is a mandatory form for charitable institutions, including religious institutes, to claim exemption under Section 11 of the Income-tax Act, 1961.

Delay in Submitting Form 10BB The Income-tax Rules, 1962, specify that Form 10BB should be submitted before the due date for filing the income-tax return (ITR) for the relevant assessment year.

Permissible Delay While there's no explicit provision for a "permissible delay" in submitting Form 10BB, the Income-tax Act and Rules provide some flexibility: ..

1. _Due date for ITR filing_: For the assessment year 2024-25, the due date for filing the ITR is typically October 31, 2024 (for non-audit cases).

2. _Condonation of delay_: If you've missed the due date, you can submit Form 10BB along with a petition for condonation of delay.

The Chief Commissioner or Commissioner of Income-tax may condone the delay if they're satisfied with the reasons for the delay.

Next Steps 1. _Submit Form 10BB with a petition_: Prepare Form 10BB and submit it along with a petition for condonation of delay, explaining the reasons for the delay.

2. _Pay any applicable late fees_: You may need to pay late fees or penalties for the delay in submitting Form 10BB.

3. _Seek professional help_: Consult a tax professional or chartered accountant to ensure you're taking the correct steps and meeting the necessary requirements.

Please note that the above information is general in nature and may not cover all specific circumstances.

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