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My query is regarding filing of form 10fc
whether more than one form can be filed for claiming the deduction in the same year
Replies (1)
| Form 10FC is filed under Section 10(23C) of the Income Tax Act for educational institutions, hospitals, and similar entities claiming exemption. Here is what you need to know: 1. Who Files: Entities approved under Section 10(23C)(vi) (educational institutions) or 10(23C)(via) (hospitals) with annual receipts exceeding Rs. 5 crore must file Form 10FC as an audit report. 2. What It Is: Form 10FC is the 'Report of Audit under Section 10(23C)' — it is the prescribed audit report format that a CA must prepare and file for such institutions, certifying their accounts and compliance with the conditions of exemption. 3. Who Files: The CA (auditor) files it on their login on the IT portal. The institution (assessee) then accepts/acknowledges it. 4. When to File: Form 10FC must be filed before the due date of filing ITR-7 (i.e., before 31st October or 30th November of the relevant assessment year, whichever applicable). 5. Portal Process: CA login → e-File → Income Tax Forms → File Income Tax Forms → Select Form 10FC → Fill details → Attach audit report → Submit with DSC. 6. Recent Change: From AY 2022-23, entities previously under Section 10(23C) with receipts above Rs. 5 crore are required to obtain approval under Section 10(23C)(vi)/(via) from the Principal Commissioner, and compliance with audit and Form 10FC filing is mandatory for maintaining the exemption. |
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