Quick Summary
CBDT allows certain trusts/institutions to furnish the audit report in the applicable Form No. 10B / 10BB on or before 31st March, 2024 Income of any fund or institution or trust or any university or other educational institution or any hospital or other medical institution referred to in specified sub-clauses of section 10 (23C) of the Income-tax Act, 1961 (the Act) or any trust or institution registered under section 12AA/12AB of the Act is exempt, subject to fulfilment of certain condition
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1999
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3499
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4999
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FAQ :
The deadline for filing the audit report in the applicable Form 10B or 10BB has been extended to 31st March 2024.
This extension applies to trusts and institutions that furnished their audit report on or before 31st October 2023 using Form 10B when Form 10BB was required, or vice versa, for Assessment Year 2023-24.
It was necessary because many trusts and institutions mistakenly submitted the wrong audit report form (10B or 10BB) for Assessment Year 2023-24, which could have resulted in the denial of their tax exemptions.
Form No. 10B is generally required if the total income exceeds five crores, foreign contributions were received, or income was applied outside India. Form No. 10BB is required in other cases.
The extension is detailed in CBDT Circular No. 2/2024, dated 05.03.2024.
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