CBDT issues Draft Notification for Amendment of Form No 10B of the Income-tax

Last updated: 22 May 2019

Section 12A of the Income-tax Act, 1961 (the Act) provides for conditions for applicability of Sections 11 and 12 of the Act. One such condition under clause (b) of sub-section (1) thereof is that where the total income of the trust or institution computed without giving effect to Section 11and12exceeds the maximum amount not chargeable to Income-Tax in any previous year, its accounts for that year have been audited by an accountant as defined in theExplanationbelow sub-section (2) of Section 28
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Finance news reporter covering taxation, GST, income tax, business compliance, and economy updates. I simplify complex financial topics into easy-to-understand articles for professionals, taxpayers, and business owners on leading finance and tax platforms.

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