The deadline for submitting income tax audit reports using Form 10B/10BB has been extended for certain taxpayers. The new deadline for this category of taxpayers to submit their tax audit reports is November 10, 2024. This extension was announced by the Ministry of Finance through the Central Board of Direct Taxes (CBDT) in an order dated October 7, 2024.
Which taxpayers will enjoy the extended deadline to submit tax audit report
According to the order by the Ministry of Finance, these taxpayers will benefit from this extended deadline:
- Trusts, institutions, funds, and
- Others who are liable to file a tax audit report using Form 10B/10BB.
Individuals with business or professional income who are subject to a tax audit under section 44AB need to submit their audit report using Form 3CD, 3CA, and 3CB. The extended deadline for these taxpayers was October 7, 2024.
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“….It has been brought to the notice of the CBDT that in some cases, such trusts/institutions/funds, could not file the audit report in the correct prescribed form….., the CBDT in exercise of the powers conferred under section 119 of the Act, hereby further allows such trusts / institutions/ funds to furnish such audit report in the applicable Form No. 1OB / 10BB on or before 10 November, 2024,” said CBDT in the said order under section 119.
“Central Board of Direct Taxes (‘CBDT), by Circular No. 02/2024 dated 05.03.2024 had allowed those trusts/institutions/funds, which have furnished audit report on or before 31st October, 2023 in Form no. 10B and where Form No. 10BB was applicable and vice-versa, to furnish the audit report under clause (b) of the tenth proviso to clause (23C) of section 10 and sub-clause (ii) of clause (b) of sub-section ( I) of section 12A of the Income-tax Act, 1961, in the applicable Form No. 10B/10BB for the assessment year 2023-24, on or before 31st March, 2024.
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What is the process to file Form 10B on e-Filing portal?
According to a frequently asked question (FAQ) available on the income tax department website as of October 9, 2024, here’s the process to file Form 10B (applicable for FY 2022-23 (AY 2023-24) onwards):
- Step-1: Taxpayers can assign Form 10B (AY 2023-24 onwards) to CA, from E-file form mode —->.
- Step-2: CA can check the assignment in “For your action tab” under worklist—>
- Step 3: CA can either accept or reject the assignment—–>
- Step 4: In case CA accepts the assignments, he/she needs to upload the JSON along with PDF attachments under offline mode of filing—–>
- Step 5 : Once CA submits the JSON with valid attachments, taxpayer either has to accept/reject the form uploaded by CA through the Worklist’s “For Your Action” tab
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Do you need to verify the tax audit report filed using Form 10B?
According to an FAQ available on the tax department’s website, you need to verify the tax audit report filed using Form 10B using the below-mentioned verification modes:
- Modes of verification for Form 10B (A.Y. 2023-24 onwards):
- For CAs, only the DSC option is available for uploading of Form.
- For taxpayers (auditees) other than companies, both DSC and EVC options are available to accept the form uploaded by CA.
- For Companies, only the DSC option is available to accept the form uploaded by CA.
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