Form No. 10B/ 10BB is the audit report required to be furnished in case a taxpayer is a fund or trust or institution or any university or other educational institution.
Question: What are the recent updates/ clarifications by CBDT pertaining to Form 10/10BB?
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Answer by Dr Suresh Surana, Founder, RSM India: Form No. 10B/ 10BB is the audit report required to be furnished in case a taxpayer is a fund or trust or institution or any university or other educational institution or any hospital or other medical institution.
The CBDT vide Circular No. 16/2023 dated 18th September 2023 extended the timeline for furnishing Form 10B/10BB from 30th September 2023 to 31st October 2023. Consequently, the timeline for furnishing the Income tax return for Financial Year 2022-23 (i.e. Assessment Year 2023-24) in Form ITR-7 was also extended from 31st October 2023 to 30th November 2023.
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Further, while furnishing the audit report in Form 10B/10BB, details of persons/ donors who have made a substantial contribution to the trust or institution i.e. any person whose total contribution up to the end of the relevant financial year exceeds Rs. 50,000/- is to be provided.
There was certain ambiguity pertaining to whether the details of such donors are required to be provided since the time of inception of the institution or for the relevant financial year. As such, representations were made to CBDT in this regard and the CBDT vide Circular No. 17/2023 dated 9th October 2023 issued certain clarifications regarding certain details to be provided in the Audit report to be furnished in Form 10B & Form 10BB as follows:
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- Details of the aforementioned donors whose total contribution during the relevant financial whose year exceeds Rs. 50,000 may be provided.
- Details of relatives of such donors may be provided, if available.
- Details of concerns in which such donors have substantial interest may be provided, only if the same is available.
