The Central Board of Direct Taxes (CBDT), in a significant move, has extended the deadline for filing Form 10B and 10BB until November 10, 2024. The extension comes as part of an order issued under section 119 of the Income-tax Act, 1961, to address the concerns of trusts, institutions, and funds that were unable to submit their audit reports in the correct forms.
Previously, the deadline to furnish the audit report for the assessment year 2023-24 was set for October 31, 2023. However, the CBDT recognized that many organizations faced challenges in filing the correct forms. In response, the Board issued a circular allowing such entities to file the audit report under the revised deadline.
This extension aims to reduce the genuine hardships faced by trusts, institutions, and funds that may have missed the previous deadline. Organizations that need to submit Form 10B (where Form 10BB was applicable, and vice versa) can now file the audit reports on or before November 10, 2024.
The circular was issued on October 7, 2024, and has received approval from competent authorities. Tax professionals and institutions are encouraged to utilize this extension to ensure compliance with the updated filing requirements.
Official copy of the circular has been mentioned below
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